General Electric is no longer the blue-chip titan it was back in the 1990s. But the more the company's past accounting practices come to light, the less clear it becomes that the company under legendary CEO Jack Welch was ever what it claimed to be.
Dubner followed up, asking about how GE's power business accounted for orders. Immelt sounded a bit more defensive. "We paid external auditors hundreds of millions of dollars a year to review our books. We had a 20-person disclosure committee that was made up of midlevel managers that approved everything we said, everything we ever did. We were regulated by the Fed for six years. I had two audit committee chairs.
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OTHER VOICES: Large-scale accounting problem, child welfare mess stir concern over Nebraska
Nebraska Gov. Pete Ricketts speaks in support of LR22CA during a Revenue Committee hearing on Wednesday, Jan. 27, 2021, at the Capitol in Lincoln, Neb. (Gwyneth Roberts/Lincoln Journal Star via AP)
A new state auditor report says the State Department of Administrative Services made some $21 billion in accounting errors while processing funds last year. None of those dollars involved fraud or embezzlement; the errors were in documentation and in assigning funds incorrectly in their accounting designation. That might seem arcane, but if a private company made accounting mistakes similar in scale to the company's finances, it would be considered a glaring failure and a worrisome problem.
Black CPA Centennial celebrates first Black CPA - Journal of Accountancy
Editor's note: 2021 is the 100th anniversary of the first Black CPA. This article is the first in a series to celebrate the centennial through profiles about some of the initial 100 Black CPAs as well as others who have blazed the trail and paved the way for future diversity in the profession.
John Wesley Cromwell Jr. (1883–1971) was a man of many talents and interests. An intellectual with a passion for knowledge and a drive for opportunity, he was the nation's first Black CPA. Cromwell earned that distinction in 1921, an achievement that is the starting point for this year's Black CPA Centennial celebration.
Impact-Weighted Accounting: The Missing Ingredient? | Seeking Alpha
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Safety Management Systems Welcomes New Accounting and Finance Coordinator
Safety Management Systems, a division of Acadian Companies, has named Brett Gummer as its Accounting and Finance Coordinator.
In his new role, Gummer will assist with month-end closings, annual budget, accruals and audits, as well as developing and delivering variance analysis, updated forecasting and various financial analyses.
Gummer is a native of Youngsville, Louisiana, and has more than 12 years of experience as a financial analyst. He holds a bachelor’s degree in finance from the University of Louisiana at Lafayette.
New Accounting Courses Offered by Yardi Aspire Available for CPA Professional Development
SANTA BARBARA, Calif. , Feb. 17, 2021 /PRNewswire/ -- Property managers that use Yardi® software have a new option for mandatory Certified Public Accountant (CPA) training requirements. Yardi® Aspire now offers immersive, online course bundles that adhere to the National Association of State Board of Accounting (NASBA) recognized standards, providing CPAs the opportunity to earn Continuing Professional Education (CPE) credits in a convenient, on-demand learning platform.
FundCount Named Best Partnership Accounting System at the Private Asset Management 2021 Awards
BOSTON , Feb. 18, 2021 /PRNewswire/ -- FundCount, LLC, a worldwide provider of accounting and investment analysis software, today announced that it won Best Partnership Accounting System for the second year in a row at the 2021 Private Asset Management Awards.
The highly regarded PAM Awards recognize the achievements of leading investment professionals, wealth advisors, consultants and service providers operating in the U.S. private asset management sector. Category winners are determined by an independent panel of judges based on a mix of qualitative and quantitative performance indicators through the year ended July 31, 2020 .
Bitcoin Is Hitting All Time Highs – How Are Organizations Accounting For It?
Especially with bitcoin continuing to hit all-time highs, the issues with the current accounting consensus are clear. These 20th century standards are not equipped to handle the 21st century crypto economy, and do not reflect economic reality.
Accounting guidelines might seem like a relatively mundane issue to discuss, but because there are no crypto-specific authoritative accounting standards, confirmed again recently by the Financial Accounting Standards Board (FASB), this can create situations where financial statements can vary significantly from what might otherwise be expected. Let's take a look at what this issue is, and what potential solutions exist.
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