All Compliance Week articles in Web Issue – Page 643
-
Blog
FASB complete gross versus net guidance for revenue recognition
The Financial Accounting Standards Board has issued an update to accounting standards meant to put to rest any confusion that may still exist on how to apply the principal-versus-agent guidance in the new revenue recognition rule.
-
Blog
CFTC approves substituted compliance framework with EU
The Commodity Futures Trading Commission has approved a substituted compliance framework for dually-registered central counterparties, located in both the United States and European Union. European CCPs registered with the CFTC can now comply with its rules by meeting corresponding European Market Infrastructure Regulation requirements.
-
Blog
FINRA scrutinizes digital investment advice, ‘robo-advisers'
Financial services firms’ offerings of digital investment advice—also known as ‘robo-advisers’—require sound governance and supervision, including effectively overseeing the suitability of recommendations, conflicts of interest, customer risk profiles, and portfolio rebalancing. That’s the warning in a new report released by the Financial Industry Regulatory Authority.
-
Blog
Study: technology key to CCOs keeping a ‘seat at the table’
The ability of financial institutions’ compliance functions to manage risk is challenged on multiple fronts, including rising expectations that they play a stronger, more strategic role in front-office processes, the increased volume and complexity of regulations, and a lagging data and technology architecture, according to a new study by Accenture. ...
-
Blog
How to stop banks from behaving like banks
In the never-ending quest to address the systemic risk posed by the banking industry, a team of academics and the Banking Standards Board have raised fresh initiatives to improve banking regulation itself. But are a globally imposed “risk tax” and a push to improve banking culture really what banks need?
-
BlogFASB issues new rules on gift cards, hedging, equity investments
FASB has issued guidance that enables companies to write off lingering gift card liabilities, shore up hedge accounting practice differences, and simplify transitions to equity method accounting. Crowe Horwath Partner James Dolinar says the guidance around gift cards is perhaps the most broadly applicable, as companies can now do some ...
-
Blog
Alere receives subpoena in foreign bribery probe
Alere, a global diagnostic device and service provider, said yesterday a filing the Securities and Exchange Commission that it received a grand jury subpoena from the Department of Justice requiring the production of documents relating to its sales practices in Africa, Asia, and Latin America.
-
Blog
NGOs to OECD: global standards needed for foreign bribery settlements
A group of non-governmental organizations has written a letter to the OECD Working Group on Bribery urging it to develop global standards for corporate settlements based on best practice. Corruption Watch, Global Witness, Transparency International, and the UNCAC Coalition asked the OECD to address “urgently” whether the use of settlements ...
-
Resource
Vendor Risk Management Guide
Managing vendor risk is an ongoing process. As your organization embarks on or continues with this process, you want to get the most benefit from the program and ensure that the information you learn is used organization-wide to make better decisions.Organizations implement vendor risk management programs as a formal way ...
-
Blog
Experts advise companies to brace for goodwill impairment scrutiny
Image: Calcbench, with their research tool powered by XBRL-gathered financial statement data, identified a number of companies posting quarterly goodwill impairments in the range of $250 million for five consecutive quarters, including Yahoo’s massive $4.46 billion impairment charge. “The total number … is trending up, from the mid-teens last year ...
-
Article
New law adds to forced labor concerns
In recent weeks, companies have learned—some the hard way—that the government is getting even more serious about human trafficking and forced labor issues. While a new law targets international trade, potentially blocking forbidden products at the U.S. border, an expanding view of joint-employer arrangements is also causing concern for domestic ...
-
Blog
Petrobras fallout into the private sector continues
A 19-year prison sentence handed down in connection with Brazil’s widening “Car Wash” scandal is a wake-up call for any company that has done business with Odebrecht SA, the largest construction company in Brazil and, indeed, South America. The scandal, which began with energy firm Petrobras, should enforce that it’s ...
-
ArticleThe current state of the EU-U.S. Privacy Shield
The EU-U.S. Privacy Shield, a new compliance framework for the transatlantic transferral of personal information, is almost ready. But the strict data privacy compliance obligations it would impose require a close look now to prevent running afoul of tough data standards that become law later.
-
Article
Valeant’s financial restatement begs compliance questions
Valeant Pharmaceuticals’ announced financial restatement raises questions about the drug company’s compliance program and its business model. But it might also serve as an early warning to all publicly listed U.S. companies about the increased room for misjudging the booking of sales once FASB rolls out its new revenue recognition ...
-
Article
Scrutinizing hiring practices for FCPA violations
Through recent investigations and enforcement actions, the Securities and Exchange Commission and Department of Justice have been warning companies to proceed with caution when hiring the relatives of foreign government officials, lest they run afoul of the Foreign Corrupt Practices Act.
-
Blog
The cost of integrity
Image: At the Global Ethics Summit, GE General Counsel and SVP Alex Dimitrief talked about what it means to promote a culture of integrity and the true costs of ethical lapses. When a business goes astray, it’s not a call for added workflows or approvals, he said. It’s a sign ...
-
Blog
Global risks driving transformational change
As risk management in general improves, we are seeing more CEOs embracing risk management as a concept and as a practice. But we also see misdirected focus and lack of attention to some of the greatest risks and opportunities facing their companies. Where companies are getting it right, they’re driving ...
-
Blog
VimpelCom and the conscious indifference of a board under the FCPA
Image: The joint Justice Dept., SEC settlement with telecom giant VimpelCom resolving a longstanding FCPA violation will cost the company more than $795 million, say reports. But there’s a bright side, says CW Columnist Tom Fox. The multiple bribery schemes seem to have been supported by top management and will ...