Wednesday, October 7, 2020

GE Says It Has Received 'Wells Notice' From SEC Relating to Accounting Investigation - WSJ

Federal securities regulators have warned General Electric Co. of a civil-enforcement action over its accounting for a legacy insurance business, adding a fresh hurdle to efforts to turn around the once-mighty manufacturer.

The industrial giant said in a securities filing Tuesday that it received the so-called Wells notice on Sept. 30 over the company's accounting for reserves related to an insurance business it has been trying to wind down for years.

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Publisher: WSJ
Date: 2020-10-06T20:43:00.000Z
Author: Theo Francis and Ted Mann
Twitter: @WSJ
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SEC Warns GE of Possible Securities Violations in Its Insurance Accounting

General Electric said on Tuesday it has received a notice from U.S. Securities and Exchange Commission staff, warning that the company could face a civil action for possible violations of securities laws related to accounting practices for some of its insurance holdings.

In a regulatory filing, the U.S. industrial conglomerate said the issues the regulator could pursue relate to the company’s run-off insurance operations – a portfolio of about 300,000 long-term care insurance policies it holds in its GE Capital unit.

Publisher: Insurance Journal
Date: 2020-10-07T05:00:36 00:00
Twitter: @ijournal
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Accountants more upbeat globally in Q3 despite coronavirus | Accounting Today

Global confidence improved significantly in the third quarter of the year among accountants, despite fears of a prolonged economic recession amid the novel coronavirus pandemic, according to a survey of members of the Association of Chartered Certified Accountants and the Institute of Management Accountants.

Activity indicators such as orders, capital spending and employment all rebounded somewhat from the low points seen in the Q2 survey. The global orders balance recovered by nine points in the third quarter, signalling a modest turnaround. Other indicators, such as concern that customers and suppliers could go out of business, also improved a bit from the extreme levels seen in the second quarter.

Publisher: Accounting Today
Date: 2020-10-06T19:16:27.925
Author: https www accountingtoday com author michael cohn
Twitter: @AccountingToday
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Accounting error costs Georgia, tax collections stay strong - News - The Augusta Chronicle -

ATLANTA — Georgia is taking a one-time $240 million hit to its bank account because accounting software wasn't sending the right share of sales taxes to local governments.

The payments were made last month after an audit by the state Department of Revenue, sending state revenue into the red in September, according to figures released Tuesday. State revenue fell by 3.6% compared to a year ago. Without the payment it would have risen by a strong 7.3%.

Publisher: The Augusta Chronicle
Date: 7E15F9269E2CE66F2A488ABB04B5015E
Author: JEFF AMY Associated Press
Twitter: @AUG_Chronicle
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Three Reasons to Outsource Your Restaurant's Accounting Services | Modern Restaurant Management |

As a business owner or franchisee in the restaurant industry, accounting can be one of the biggest headaches you face. Whether you own one restaurant location or dozens, mom-and-pop business owners and franchisees are often forced to wear every hat, from CFO to HR officer. Even for the most seasoned, well-rounded restaurateurs, restaurant accounting is often a complex and intimidating new world.

It’s also time-consuming, time-sensitive and dependent on accuracy – putting a lot of strain and pressure on you to get it done and get it done right. But spending time in the weeds takes critical time away from focusing on what you do best: Developing your business.

Publisher: Modern Restaurant Management
Date: 2020-10-07 06:02:22
Author: Modern Restaurant Management 2020 https modernrestaurantmanagement com
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New Climate Accounting Capability Platform Launched to Help Companies Measure Greenhouse Gas

KPMG announced a patent-pending blockchain-based capability, which is intended to help organizations more accurately measure, mitigate, report, and offset their greenhouse gas emissions . Termed "Climate Accounting Infrastructure (CAI)," the platform will help organizations secure transparent and reliable reporting of emissions data.

In 2020, organizations globally are expected to report sustainability practices and results to meet environmental, social, and corporate governance ( ESG ) demands of capital markets investors. At the same time, carbon emissions requirements continue to evolve and expand. In order to achieve both enterprise and compliance objectives, they need a trusted and transparent system to measure, account for, and report on emissions data.

Publisher: Environment + Energy Leader
Date: 2020-10-06T21:09:20-04:00
Twitter: @ELDaily
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New Damariscotta Accounting Firm Brings 'Hometown Feel' to Finances - The Lincoln

Dorothe Bailey owns Dorothe Bailey Accounting Services LLC, at 18 Belvedere Road in Damariscotta. (Evan Houk photo)

After 15 years in the field, Newcastle resident Dorothe Bailey has opened her own accounting firm in Damariscotta, where she hopes to bring a "hometown feel" to finances.

Dorothe Bailey Accounting Services LLC is in an office at 18 Belvedere Road. The firm began offering financial services Aug. 31 and already has a few clients.

Publisher: The Lincoln County News
Date: 2020-10-06T13:09:17 00:00
Twitter: @lcnme
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Manager Accounting & Finance Chicago IL

Job Title: Manager Accounting & Finance
Location:
Chicago, IL
Hiring Company: WellBe Senior Medical

The Finance & Accounting Manager will be responsible for planning, supervising, and coordinating a variety of financial and accounting functions that may include, but are not limited to: general accounting, financial statement preparation and reporting, accounts payable processing, accounts receivable management, auditing, compliance, tax, and administrative functions (e.g. establishing legal entities, maintaining licensure, etc.).

Publisher: Going Concern
Twitter: @going_concern
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