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Healthcare Services Group Fined Over Accounting
Healthcare Services Group has agreed to fork out $6 million to settle expenses that its CFO failed to file loss contingencies from legal liabilities to inflate its earnings. In accordance to the U.S. Securities and Exchange Commission, the accounting violations resulted in HCSG’s earnings becoming misstated for six quarters amongst the to start with quarter of 2014 and the fourth quarter of 2015. Had CFO John Shea “properly recorded the economic impression of the loss contingencies at the time they were probable and fairly estimable, the company would have claimed decreased EPS and missed investigation analysts’ consensus EPS estimates in a lot of of the applicable quarters,” the SEC stated…
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Journal Of Business Finance And Accounting
The Bankrate.com business loan calculator helps you answer all these questions and extra. And a financing group that’s able to work with you to make big dreams happen in your clients—and for you. “Treasurer” can additionally be an official function within the articles of incorporation at most companies the place the company is required to record the highest few officers (e.g. President , Treasurer and Secretary). The bizarre phenomenon of companies complaining about “labor shortages” amid dropping job candidates Business, while 9.8 million are “unemployed,” and sixteen.2 million individuals claim unemployment benefits. Inventory turnover, or the stock turnover ratio, is the variety of instances a business sells and replaces its…
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FASB Gives Private Companies Goodwill Accounting Break
Personal corporations and nonprofit corporations received some breathing area on goodwill accounting this week. The Monetary Accounting Criteria Board published an update to U.S. accounting guidelines that enables non-public corporations and nonprofits to only test for goodwill impairments at the time they are closing their books, rather of when triggering situations come about. The accounting benchmarks update (ASU) gives an accounting choice that enables non-public corporations and not-for-revenue corporations to conduct a goodwill triggering function evaluation, and any ensuing test for goodwill impairment, as of the conclusion of the reporting time period, no matter if the reporting time period is an interim or annual time period. Beneath present-day usually accepted accounting…
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Former WageWorks CFO, CEO Settle Accounting Case
Two top rated previous executives of personnel benefits administrator WageWorks have settled fees that they misled organization accountants and auditors, ensuing in the poor recognition of $3.6 million in income from a shopper. In accordance to the U.S. Securities and Exchange Fee, previous CEO Joseph Jackson and previous CFO Colm Callan unsuccessful to disclose that the shopper was balking at making payments for advancement and changeover function underneath a contract to present benefits servicing to specified general public-sector personnel. At 1 place, when an audit firm lover questioned about an unpaid bill, both of those Jackson and Callan allegedly explained the shopper experienced rejected the bill due to the fact…
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SAExploration Accused of Accounting Fraud
The Securities and Exchange Commission has filed civil costs against SAExploration Holdings, a publicly traded seismic data acquisition corporation centered in Houston, about an alleged multi-yr accounting fraud that falsely inflated the company’s income and concealed the theft of tens of millions of dollars. In a complaint filed in the Southern District of New York, the SEC explained senior executives engaged in an “elaborate, 4-yr-prolonged fraud.” It names former main executive officer and chairman Jeffrey Hastings, former main fiscal officer and standard counsel Brent Whiteley, former CEO and main working officer Brian Beatty, and former vice president of operations Michael Scott as defendants. It also names the spouses of Hastings…
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