All Compliance Week articles in Web Issue – Page 630
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Blog
A blizzard of corruption has 2016 off to a roaring FCPA start
There has been enough foreign corruption turmoil in the first few months of 2016 that one almost doesn’t want to see what the rest of the year has in store. It’s the kind of year where, already, the Petrobras and Dieselgate scandals seem like a century ago. Tom Fox reports.
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Blog
SEC approves PCAOB rule on naming engagement partners
The SEC has given final approval to a PCAOB rule requiring audit firms to complete a new filing on Form AP to provide the name of the engagement partner on each audit engagement. Meanwhile, Tammy Whitehouse reports, the PCAOB is attempting once again to expand the audit report.
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Article
New revenue recognition rules prompt wide variety of adoption strategies
With new revenue recognition rules fast approaching, public companies everywhere are preparing as best they can, but an uncertain future awaits everyone. Tammy Whitehouse looks at what’s behind implementation delays.
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FASB finishes revenue recognition amendments
FASB has issued final amendments to the revenue recognition standard to clarify such aspects as how to assess certain collectibility criteria, how to present sales tax collected from customers, how to reflect non-cash consideration, and more. Tammy Whitehouse reports.
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BlogWomen on boards: non-executive progress, executive stagnation
A new study of female representation on boards ranks Norway first, with women comprising, on average, 38.7 percent of total board membership. Switzerland ranks dead last, with average representation of women at just 16.1 percent. Paul Hodgson provides an in-depth look at the results.
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Article
Is this U.K. Shareholder Spring III?
Amid numerous shareholder revolts at U.K. companies over executive pay, Paul Hodgson examines how, since pay votes became binding two years ago, the shareholders themselves are wasting no time to exercise their power in which might be less of a demonstration and more of a revolution.
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SEC scrutinizing revenue judgments under new and old rules, deputy warns
As new standards on revenue recognition, leases, and more will touch trillions of dollars on corporate balance sheets, SEC Deputy Chief Accountant Wesley Bricker advises companies to explain to investors what is changing, why it’s changing, how it will change, and when. Tammy Whitehouse has more.
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Blog
A step toward the light of transparency, but only a small step
The U.S. government is now requiring banks to obtain the identifies of those they do business with—a rule, notes Tom Fox, that is long overdue. But criticism of the rule could point to a greater need for legislation to streamline the current system around the creation of corporations. Will Congress ...
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Blog
New legal liabilities after Panama Papers?
The Man From FCPA, Tom Fox, looks at the implications behind the United Kingdom’s new mandate that banks selling to offshore companies in “murky territories” will be held responsible if it facilitates tax evasion by wealthy individuals, and how that mandate relates to anti-corruption compliance.
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Blog
Siemens to pay $42 million in Israel bribe case
German electrical and engineering giant Siemens has agreed to pay a USD$42 million penalty to the Israeli government for bribes it paid to officials of state-owned Israel Electric in exchange for a contract to supply turbines more than ten years ago. Jaclyn Jaeger reports.
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SEC in the movies: 'The Big Short'
The SEC and the topic of "regulatory capture" make a brief but memorable appearance in The Big Short, the Academy Award-winning film based on the best-selling book by Michael Lewis.
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Blog
Bill would amend SOX, add cyber-security certifications
Newly proposed legislation would amend the Sarbanes-Oxley Act to expand mandated internal controls reports and disclosures to include cyber-security systems and risks of publicly traded companies. The Cyber-security Systems and Risks Reporting Act, sponsored by Rep. Jim McDermott (D-Wash.), has been referred to the House Committee on Financial Services. Joe ...
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Blog
Olympus names global chief compliance officer
Olympus, a global medical device company based in Tokyo, Japan, announced the promotions of two senior level positions in the company's compliance and legal departments, including a new global chief compliance officer.
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Blog
Saudi Aramco names general counsel and corporate secretary
Saudi Aramco, a Saudi Arabian national petroleum and natural gas company, has named Nabeel Al Mansour as general counsel and corporate secretary, effective as of May 1.
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Blog
Ally Financial names general counsel
U.S. financial services company Ally Financial (previously known as GMAC) has appointed Scott Stengel as general counsel, effective May 31. He will assume the role from William Solomon, who will retire after more than 27 years with the company, effective Sept. 30.
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Blog
Survey: The toll of bribery and corruption on companies
Corruption, fraud, and other misconduct continue to plague compliance and legal officers at multinationals around the world, according to a recent global anticorruption survey conducted by AlixPartners. Jaclyn Jaeger provides an in-depth look at the survey results.
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Blog
Harris: No DoJ action in FCPA case
Defense contractor Harris said last week in a quarterly filing that the Department of Justice has decided not to take any action following the completion of its investigation into potential violations of the Foreign Corrupt Practices Act. The SEC’s investigation remains ongoing.
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Blog
Visa names principal accounting officer
Visa has appointed James Hoffmeister, who is currently global corporate controller and chief accounting officer, as principal accounting officer for purposes of the company’s filings with the Securities and Exchange Commission. Hoffmeister will oversee the company’s accounting matters.
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Blog
Astellas appoints new compliance and legal leaders
Pharmaceutical company Astellas announced several new appointments to its ethics and compliance and U.S. legal departments, effective as of April 25.