Financial Accounting Standards Board

BIT Mining Announces Forthcoming Revision of Previously Issued Financial Statements

Retrieved on: 
Friday, April 14, 2023
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During the preparation of the 2022 Annual Report, the Company identified and corrected an immaterial error related to the impairment calculation of cryptocurrency assets.

Key Points: 
  • During the preparation of the 2022 Annual Report, the Company identified and corrected an immaterial error related to the impairment calculation of cryptocurrency assets.
  • The Company has been historically calculating the impairment of cryptocurrency assets on a daily basis using a spot price at a standard cutoff time.
  • The Company further determined that the intraday lowest quoted price should be utilized in calculating impairment of the Company's cryptocurrency assets.
  • Tables presenting the impact of this error on the Company's 2021 Financial Statements, as well as certain revised accounting policies, will be included in the Company's 2022 Annual Report.

AuditClub Appoints PwC Veteran in Leadership Expansion

Retrieved on: 
Tuesday, April 11, 2023
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He will also drive the growth of the newly introduced assisted entrepreneurship career alternative, AuditClub One, and other strategic company initiatives.

Key Points: 
  • He will also drive the growth of the newly introduced assisted entrepreneurship career alternative, AuditClub One, and other strategic company initiatives.
  • Before joining AuditClub, Yujuico held several leadership roles in the assurance practice at PwC serving a variety of both public and private companies.
  • “I believe the AuditClub model to be a perfect solution to the most important needs of today’s CPA firms and companies.
  • “Our mission to make accounting and auditing better started with the auditors-as-a-service model,” says Chris Vanover, CEO and chief auditor at AuditClub.

Horace Mann to announce first-quarter 2023 financial results on May 2

Retrieved on: 
Monday, April 3, 2023
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Horace Mann Educators Corporation (NYSE:HMN) plans to release its first-quarter 2023 results on May 2, after the market closes.

Key Points: 
  • Horace Mann Educators Corporation (NYSE:HMN) plans to release its first-quarter 2023 results on May 2, after the market closes.
  • At that time, the quarterly news release, investor supplement and investor presentation will be available on the company’s website at investors.horacemann.com.
  • Management will host a conference call to discuss the financial results on May 3 at noon Eastern Time.
  • Horace Mann has adopted the Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts as of January 1, 2023, with a January 1, 2021 transition date.

Aon Appoints Sarah E. Smith to Board of Directors

Retrieved on: 
Wednesday, April 12, 2023
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DUBLIN, April 12, 2023 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm, today announced that Sarah E. Smith, a former member of the Management Committee of The Goldman Sachs Group, Inc., has been appointed to its Board of Directors, effective April 15, 2023.

Key Points: 
  • DUBLIN, April 12, 2023 /PRNewswire/ -- Aon plc (NYSE: AON), a leading global professional services firm, today announced that Sarah E. Smith, a former member of the Management Committee of The Goldman Sachs Group, Inc., has been appointed to its Board of Directors, effective April 15, 2023.
  • "We are pleased to welcome Sarah to Aon's Board of Directors," said Lester B. Knight, chair of Aon's board.
  • Smith is a member of the Board of Trustees of the Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) since September 2020.
  • For more information about Aon's corporate governance practices and Board of Directors, please click here .

My Office Apps Introduces New Revenue Recognition Functionality in the Finance Module of its Kechie™ ERP Software

Retrieved on: 
Tuesday, March 28, 2023
Financial Accounting Standards Board, MOA, ERP, Customer, Finance

IRVINE, Calif., March 28, 2023 /PRNewswire/ -- My Office Apps, Inc. (MOA), an industry leader in business improvement software, announced it is now including an automated revenue recognition functionality in the finance module of its cloud-based Kechie™ Enterprise Resource Planning (ERP) software as a new feature.

Key Points: 
  • IRVINE, Calif., March 28, 2023 /PRNewswire/ -- My Office Apps, Inc. (MOA), an industry leader in business improvement software, announced it is now including an automated revenue recognition functionality in the finance module of its cloud-based Kechie™ Enterprise Resource Planning (ERP) software as a new feature.
  • The revenue recognition capability in Kechie will now make it much easier for customers to stay compliant with the Financial Accounting Standards Board ASC 606 specification, Revenue from Contracts with Customers .
  • Revenue recognition is an accounting principle that requires a company to only record revenue when it has been earned, not when the related cash is collected.
  • Mariam Komeili, MOA co-founder and CEO, commented, "The laws for recognizing deferred revenue are a crucial part for recognizing revenue correctly.

Casa Systems Announces CEO Transition and Reports Fourth Quarter and Full Year 2022 Financial Results

Retrieved on: 
Tuesday, March 14, 2023
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ANDOVER, Mass., March 14, 2023 (GLOBE NEWSWIRE) -- Casa Systems, Inc. (Nasdaq: CASA), a leading provider of cloud-native software and physical broadband technology solutions for wireless, cable, and fixed networks, today announced that the Company’s President and Chief Executive Officer will be retiring, and reported its financial results for the fourth quarter and year ended December 31, 2022.

Key Points: 
  • “Jerry has worked tirelessly to build Casa Systems into a leading global provider of cloud-native and broadband technology solutions while constructing the solid foundation that will support Casa Systems multi-year transformation.
  • I am excited about the future of Casa Systems, and look forward to assisting the Company in this important next chapter of Casa’s transformation,” said Mr. Guo.
  • With respect to fourth quarter and 2022 financial results, the Company announced the following:
    Mr. Durkin commented, “Casa ended 2022 with strong Q4 revenue results and a return to GAAP net income and positive Net Adjusted EBITDA results.
  • Casa Systems is hosting a conference call for analysts and investors to discuss its financial results for the fourth quarter and year ended December 31, 2022, and its business outlook at 5:00 p.m. Eastern Time today, March 14, 2023.

Ontrak Announces 2022 Fourth Quarter and Year End Financial Results

Retrieved on: 
Wednesday, March 15, 2023
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Ontrak, Inc. (NASDAQ: OTRK) (“Ontrak” or the “Company”), a leading AI-powered and telehealth-enabled healthcare company, today reported its financial results for the fourth quarter and year ended December 31, 2022.

Key Points: 
  • Ontrak, Inc. (NASDAQ: OTRK) (“Ontrak” or the “Company”), a leading AI-powered and telehealth-enabled healthcare company, today reported its financial results for the fourth quarter and year ended December 31, 2022.
  • Operating loss for the fourth quarter of 2022 was $(8.0) million compared to an operating loss of $(18.0) million for the same period in 2021.
  • Adjusted EBITDA for the fourth quarter of 2022 was $(6.1) million compared to adjusted EBITDA of $(6.5) million for the same period in 2021.
  • Adjusted EBITDA, non-GAAP net loss and non-GAAP diluted net loss per common share are non-GAAP financial measures.

Compass Diversified Reports Fourth Quarter and Full Year 2022 Financial Results

Retrieved on: 
Wednesday, March 1, 2023
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Paid a fourth quarter 2022 cash distribution of $0.25 per share on CODI's common shares in January 2023.

Key Points: 
  • Paid a fourth quarter 2022 cash distribution of $0.25 per share on CODI's common shares in January 2023.
  • Net sales in the fourth quarter of 2022 were $594.9 million, up 6% compared to $559.9 million in the fourth quarter of 2021.
  • Net loss in the fourth quarter of 2022 was $11.8 million compared to net income of $25.9 million in the fourth quarter of 2021.
  • CODI's weighted average number of shares outstanding in the fourth quarter of 2022 was 72.2 million compared to 66.6 million in the prior year fourth quarter.

AEO Reports Fourth Quarter Profit Ahead of Expectations, Demonstrating Continued Profit Improvement. Declared Quarterly Cash Dividend at $0.10 per share.

Retrieved on: 
Wednesday, March 1, 2023
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In response, we took aggressive actions early in the year on inventory and spending to strengthen margins and increase free cash flow.

Key Points: 
  • In response, we took aggressive actions early in the year on inventory and spending to strengthen margins and increase free cash flow.
  • American Eagle revenue of $962 million declined 8% versus fourth quarter 2021.
  • Separately, the company paid two quarterly cash dividends in the first half of 2022, amounting to approximately $65 million.
  • After initiating a temporary pause in September, the Board of Directors has reinstated a quarterly cash dividend at $0.10 per share.

ON24 Announces Fourth Quarter and Full Year 2022 Financial Results

Retrieved on: 
Tuesday, February 28, 2023
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ON24 (NYSE: ONTF), a leading sales and marketing platform for B2B digital engagement, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.

Key Points: 
  • ON24 (NYSE: ONTF), a leading sales and marketing platform for B2B digital engagement, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.
  • GAAP Operating Loss was $13.6 million, compared to GAAP operating loss of $9.6 million in the fourth quarter of 2021.
  • Non-GAAP Operating Loss was $3.5 million, compared to non-GAAP operating loss of $1.8 million in the fourth quarter of 2021.
  • Free cash flow was negative $8.9 million for the quarter, compared to negative $5.6 million in the fourth quarter of 2021.