Dena's Feed
Apr 1, 2015

U.S. board may delay sweeping accounting rule change for revenue

NEW YORK (Reuters) – The board that sets accounting rules for U.S. public companies proposed on Wednesday a one-year delay in sweeping new rules that would change the way companies recognize revenue, one of the most important numbers in corporate financial statements.

The revised timeline from the U.S. Financial Accounting Standards Board (FASB) calls for the rules to take effect for public companies starting in 2018 and for nonpublic companies in 2019.

Apr 1, 2015

Advanced Micro Devices must face securities fraud lawsuit-ruling

NEW YORK, April 1 (Reuters) – U.S. chipmaker Advanced Micro
Devices must face claims that it committed securities
fraud by hiding problems with the 2011 launch of a new computer
processor that eventually led to a $100 million writedown, a
federal judge in Oakland, California, ruled.

In an order on Tuesday, U.S. District Judge Yvonne Gonzales
Rogers said plaintiffs have supported their claims that Advanced
Micro officials misled them by stating in the spring of 2011
that problems with the new processor were in the past.

Mar 23, 2015

U.S. Supreme Court rejects singer Rundgren’s Chase suit appeal

By Dena Aubin

(Reuters) – The U.S. Supreme Court on Monday declined to revive a lawsuit by singer-songwriter Todd Rundgren and his wife Michele accusing JPMorgan Chase of wrongfully attempting to foreclose on the couple’s Kilauea, Hawaii home.

The court’s rejection of the couple’s appeal lets stand a lower court’s dismissal of their claims for damages and an order to stop a foreclosure sale.

Mar 3, 2015

U.S. SEC seeks maximum penalties against BankAtlantic, CEO

NEW YORK, March 3 (Reuters) – The U.S. Securities and
Exchange Commission has asked a court to impose a $5.2 million
penalty against BankAtlantic Bancorp, a Florida lender found
liable by a jury last year for defrauding investors at the start
of the U.S. financial crisis.

In a court filing on Monday, lawyers for the SEC also asked
for a $1.56 million penalty against Alan Levan, the chief
executive of BankAtlantic Bancorp, now known as BBX Capital Corp
. Both penalties would be the maximum provided under
securities laws.

Mar 2, 2015

IRS says U.S. corporate tax audits down sharply after budget cuts

NEW YORK, March 2 (Reuters) – Federal tax audits for U.S.
businesses were down 6 percent in the last fiscal year, ended on
Sept. 30, falling to their lowest level in eight years as the
Internal Revenue Service faced budget cutbacks and a decline in
enforcement staff, IRS Commissioner John Koskinen said in a
statement on Monday.

The IRS examined just 57,211 business returns last year,
down from 61,020 in 2013 and 70,265 in 2012, according to data
released by the agency.

Feb 17, 2015

U.S. companies can avoid slow torture of Venezuela devaluations by taking one big hit

NEW YORK (Reuters) – American companies tired of seeing their earnings badly hurt by Venezuela’s crumbling bolivar currency system, can – with the stroke of a pen – get rid of much of the problem.

But it means writing down the value of their Venezuelan businesses to nothing or next to nothing. And that can come with a big one-time charge.

Feb 17, 2015

Analysis – U.S. companies can avoid slow torture of Venezuela devaluations by taking one big hit

NEW YORK (Reuters) – American companies tired of seeing their earnings badly hurt by Venezuela’s crumbling bolivar currency system, can – with the stroke of a pen – get rid of much of the problem.

But it means writing down the value of their Venezuelan businesses to nothing or next to nothing. And that can come with a big one-time charge.

Jan 22, 2015

UBS defeats lawsuit over late Indonesian statesman’s accounts

NEW YORK, Jan 22 (Reuters) – UBS AG has won
dismissal of a lawsuit accusing it of seizing billions of
dollars from inactive accounts over the past 30 years, including
assets of the late Indonesian statesman and United Nations
General Assembly President, Adam Malik.

Filed in September in a California federal court, the
lawsuit said the bank “fast-tracked” the closure of inactive
accounts to take assets for its own use and denied requests for
an accounting of funds.

Dec 18, 2014

U.S. Bancorp unit settles lawsuit over role as trustee

NEW YORK, Dec 18 (Reuters) – U.S. Bank has agreed to pay $6
million to settle an investor lawsuit that accused the U.S.
Bancorp unit of violating its duties as a trustee for
mortgage-backed securities that were sold by Bear Stearns before
the 2008 financial crisis.

The settlement was disclosed in papers filed on Wednesday in
U.S. District Court in Manhattan and requires court approval.

Dec 8, 2014

U.S. SEC official: Close to recommendations on global accounting

NEW YORK/LONDON (Reuters) – A U.S. Securities and Exchange Commission official said on Monday he may have recommendations “in the near future” on the use by U.S. corporations of global accounting standards, suggesting a formal decision may be near after a long impasse.

SEC Chief Accountant James Schnurr said in a speech that he does not have a predetermined view on an approach to the long-standing issue of harmonizing corporate accounting worldwide. He noted that full adoption of global accounting standards generally does not have support in the United States.