Appointment Blogs | Compliance Week – Page 211
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BlogFASB Proposes Eight New Cash Flow Classification Rules
Current accounting rules are either unclear or silent on how to classify cash flows in certain instances, so FASB is proposing an update to the Accounting Standards Codification to fill the gaps. The board is looking to clarify several issues with such transactions as debt prepayments, settlement of zero-coupon bonds, ...
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IIA Seeks to Raise Bar on Internal Audit Practices
The Institute of Internal Auditors is proposing a change to its professional practice standards to give internal auditors some new guidance in light of evolving business demands. The IIA says the proposed changes are focused on enhancing existing standards on communications and quality assurance, and creating new standards addressing objectivity ...
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New Customs Database Triggers Regulatory Concerns
Image: By the end of 2016, the U.S. Customs and Border Protection will require that all cargo shipment details be reported through ACE (Automated Commercial Environment), a new electronic processing system. Use of this system, aimed at automating and consolidating border processing, brings with a number of challenges for both ...
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EU, U.S. Agree on New Safe Harbor Framework
The European Union and the United States have agreed on a new framework that will allow for trans-Atlantic data flows between Europe and the United States. The new arrangement will provide stronger obligations on U.S. companies to protect the personal data of Europeans and stronger monitoring and enforcement by the ...
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SEC Charges SAP With FCPA Violations
Germany-based software manufacturer SAP has agreed to give up $3.7 million in sales profits in a settlement with the Securities and Exchange Commission to resolve charges that it violated the Foreign Corrupt Practices Act when procuring business in Panama.
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The Swiss Tackle International Corruption
Last week the Swiss government announced that it had found improprieties in the conduct of the Malaysian government’s sovereign wealth fund, 1Malyasia Development Berhad. The problem for the government of Malaysia is that the sovereign wealth fund is headed by the country’s Prime Minister, who had over $700 million deposited ...
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Public Procurement Simplified Across the EU
A new system adopted by the European Commission that went into force last week considerably reduces the administrative burden for companies that want to have a fair shake at winning a public contract. According to the European Commission, simplification of the tender procedure is just one of the major elements ...
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Treasury Moves to Shine a Light on Real Estate Transactions
Recently, the U.S. Treasury Department said it would begin demanding to know the names of folks behind the shell companies, which ultra-wealthy foreigners use to hide behind multimillion-dollar real estate purchases. Efforts by the U.S. Treasury Department to police more closely large cash purchases of real estate as a method ...
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SEC Nudges Companies on XBRL Calculation Relationships
The SEC has updated its ongoing “Frequently Asked Questions” document on interactive data disclosures to address when calculation relationships, which provide key information to show relationships among elements and their corresponding numeric facts, are required in XBRL filings. The FAQs come in response to the SEC’s issuance of a “Dear ...
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Ensco Names General Counsel and Secretary
U.K.-based Ensco, a global provider of offshore drilling services to the petroleum industry, has named Michael McGuinty as general counsel and secretary, effective Feb. 1. He will be based in London. McGuinty succeeds Ron Potter, associate general counsel, who has been serving as interim general counsel.
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American National Appoints Chief Accounting Officer
American National Bankshares last month appointed Cathy Liles as chief accounting officer. She reports to Executive Vice President and Chief Financial Officer William Traynham.
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Ruth's Hospitality Group Chief Compliance Officer Retires
Ruth’s Hospitality Group has announced the retirement of John McDonald as general counsel, chief compliance officer, and corporate secretary. Beginning Feb. 1, McDonald will transition these roles to Alice Givens, lead in-house counsel at J. Crew Group.
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Sonic Appoints New Chief Accounting Officer
Sonic, a drive-in restaurant chain company, has apppointed Michelle Britten to the role of chief accounting officer. Britten previously served as controller.
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FASB Member Daryl Buck to Retire
The Board of Trustees of the Financial Accounting Foundation (FAF) last week announced that Financial Accounting Standards Board member Daryl Buck will retire from FASB, effective December 31, 2016. Buck was appointed to the FASB in February 2011 and is currently serving in his second term.
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HealthCare Partners Names General Counsel
HealthCare Partners, an independent medical group in America, has appointed Ilene Moore as general counsel, effective Feb. 1, 2016. With 19 years of legal experience, Moore joins HealthCare Partners from The Permanente Federation, where she was general counsel.
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Sweett Group Closes Middle East Business
Sweett Group, a British property management, construction and surveying company, announced today that the board has resolved to close its Middle East business and exit the region. In December 2015, the U.K. Serious Fraud Office confirmed that Sweett Group admitted to violating the Bribery Act, regarding conduct in the Middle ...
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DVR Alert: ABC's 'Madoff' Miniseries Airs February 3-4
On February 3-4, "Madoff," ABC's miniseries on Bernard Madoff's massive Ponzi scheme, will be aired at 8 pm Eastern. Madoff stars Richard Dreyfuss as Bernie Madoff and Blythe Danner as his wife, Ruth.
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PwC Appoints New Partners to Risk Assurance Practice
PwC has appointed three new partners to its risk assurance practice. Details inside.
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Marathon Petroleum Names Chief Compliance Officer
Marathon Petroleum has named Molly Benson as corporate secretary and chief compliance officer. Additionally, J. Michael Wilder, vice president, general counsel and secretary, will retire, effective March 1.
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New Recommind Solution Optimizes the Discovery Process
Recommind, an advanced analytics provider, has announced the release of Axcelerate Cloud, the latest iteration of its subscription-based SaaS e-Discovery product built on the Axcelerate platform. Now incorporating Efficiency Scoring, Axcelerate Cloud builds on Axcelerate’s interactive Business Intelligence layer to provide legal teams powerful, simple insights into the efficiency levels ...