Latest Articles

  • SEC Files Charges Against Biotech Firm, Saying Its Claims About a COVID-19 Test Were Bogus

    By:
    Chris Gaetano
    |
    Dec 21, 2020
    The Securities and Exchange Commission (SEC) filed fraud charges against a California biotech company for making wild claims about a new rapid test for COVID-19 that, in truth, never existed.
  • U.S. Personal Incomes Dropped in Every State in Q3 of 2020

    By:
    Chris Gaetano
    |
    Dec 18, 2020
    While some Americans were affected more than others, every single state in the country saw a drop in personal income in the third quarter of 2020.
  • World Bank Audit Report Finds Management Pressure Affected Data

    By:
    Chris Gaetano
    |
    Dec 18, 2020
    An internal audit report looking at the World Bank's annual rankings of countries that are easiest to do business in found that the institution was ineffective in managing pressure from external stakeholders—namely China, the United Arab Emirates, Saudi Arabia and Azerbaijan—to manipulate the list order.
  • SEC Approves PCAOB Budget of $287.3 Million

    By:
    Chris Gaetano
    |
    Dec 18, 2020
    The Securities and Exchange Commission approved a 2021 budget of $287.3 million for the Public Company Accounting Oversight Board (PCAOB) as part of its supervisory role.
  • Joblessness Rises to 885,000

    By:
    Chris Gaetano
    |
    Dec 17, 2020
    The U.S. Department of Labor (DOL) reported that there were 885,000 new unemployment insurance claims last week, a rise of 23,000 from the week before.
  • Poll of CEOs Finds Majority Open to Vaccine Mandate

    By:
    Chris Gaetano
    |
    Dec 17, 2020
    A recent poll has found that a large majority of current and recent CEOs, 72 percent, said they were open to a coronavirus vaccine mandate.
  • Speakers: Sustainability and Financial Reporting Need Not Be So Separate

    By:
    Chris Gaetano
    |
    Dec 17, 2020
    Speakers on a webcast hosted by the Global Reporting Initiative, a major corporate sustainability organization, said that financial reporting can and should take on more environmental, social and governance (ESG)-related topics and, indeed, should standard-setters such as the IFRS Foundation do so, it will go a long way toward broadening the quality and use of such information.
  • Poverty Rate Sees Biggest Jump Since Government Began Tracking Stats

    By:
    Chris Gaetano
    |
    Dec 16, 2020
    Recent data released by researchers at the University of Chicago and the University of Notre Dame shows that 7.8 million Americans fell into poverty status this year, the biggest jump since the government first began tracking the statistic over 60 years ago.
  • FASB Proposes Topic 606 Treatment for Contract Assets and Liabilities in Business Combos

    By:
    Chris Gaetano
    |
    Dec 16, 2020
    The Financial Accounting Standards Board (FASB) is seeking to fill a gap in the guidance on how to apply Topic 606, which concerns revenue recognition, to contract assets and contract liabilities arising from business combinations.
  • Study Finds Tax Cuts for Rich Have Not Trickled Down

    By:
    Chris Gaetano
    |
    Dec 16, 2020
    A recent study by researchers at the London School of Economics and King's College London has found that, over 50 years, tax rates for the top 1 percent of earners continually went down but that lowering these rates made little to no difference to the economy as a whole, whether measured by GDP or unemployment.