Accounting

A report from Democratic staff on the Senate Permanent Subcommittee on Investigations said accounting firm KPMG gave Silicon Valley Bank, Signature Bank and First Republic clean audits despite internal warnings, fraud allegations and apparent risks of failure.

The interim final rule removes the requirement under the Corporate Transparency Act for U.S. companies and people to report beneficial ownership information.

The Department of Government Efficiency says it has saved $55 billion in federal spending so far, but its website only accounts for $16.6 billion of that.

A federal district court in Texas has stayed an injunction that had prevented enforcement of the Corporate Transparency Act and its reporting requirement.

Elon Musk will dispatch a team to gain read-only access to the government's central accounting system.

Primis Financial had to delay several reports to the SEC due to an accounting misclassification error, which raised the possibility that the bank's stock would no longer trade on Nasdaq. Executives say they're "optimistic about putting this behind us."

The SEC chair's ambitious agenda drew fierce resistance from Wall Street and the crypto industry.

Due to retirement, burnout, heightened regulatory standards and profitability challenges, lots of lenders are looking for new chief financial officers. The wave of departures is giving banks a chance to bring in more highly skilled finance chiefs.

Companies lose an estimated 5% of their revenue each year due to fraud, according to a report from the Association of Certified Fraud Examiners.

Centerbridge Partners and Warburg Pincus said they would invest $400 million in Banc of California in conjunction with its purchase of PacWest. The private equity injection was made possible through reverse accounting, which used Banc of California's balance sheet to value the transaction.

Dallas-based Texas Capital Bank believes virtual credit cards, offered through a new fintech partnership, can help small-business customers make their payment processes more efficient.

Although no laws have yet passed, most of the bills introduced thus far do not consider EWA products to be loans. California is an exception.

Banks have been reclassifying their losses to avoid taking steep write-downs that could be helping them stay in business.

Credit unions' provision for loan and lease losses rose by 337% in 2022. Industry observers cite forecasted economic weakness and current expected credit loss implementation as the primary reasons.

The dataset, developed by Federal Reserve researchers, will give historians and students a far easier way to examine banks' performance between 1867 and 1904. The period was one of significant instability, which ultimately prompted the creation of the Fed.

Rising demand for compliance staffers to help banks meet stress test requirements has increased the chances of lower profitability, according to new research from the National Bureau of Economic Research.

Mazars Group, the accounting firm used by the crypto giant Binance Holdings and other big players in the industry to vouch for their assets held in reserve, has halted all work for crypto clients, dealing a blow to an industry seeking to shore up confidence in the wake of FTX's collapse.

The challenger bank for small-business owners is making it easier for its customers to give their accountants access to their transactions and statements.

Baselane, which helps property owners manage bookkeeping and collect rent, has created a banking unit that offers checking accounts and lets landlords establish subaccounts for such needs as saving for remodels or setting aside security deposits.

The misclassification of certain cash flows in 2021 was a “material weakness,” according to a securities filing. Management restated the relevant financial statements and promised to lay out a “plan to remediate” the issue.