Generally Accepted Accounting Principles

Via Appoints Former Goldman Sachs Chief Accounting Officer to Board of Directors

Retrieved on: 
Wednesday, July 21, 2021
Accounting, Accounting standards, Financial services, Business, Financial Accounting Foundation, Financial Accounting Standards Board, GASB, Governmental Accounting Standards Board, Governmental accounting, Generally Accepted Accounting Principles, Teresa S. Polley

Sarah Smith joins board of leading TransitTech company to chair the Audit Committee

Key Points: 
  • Smith is a former member of the Management Committee of Goldman Sachs where she served as Chief Accounting Officer, Controller, and Chief Compliance Officer.
  • She also serves as 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), and previously served on the US Treasury Department's Advisory Committee on the Auditing Industry.
  • "We are absolutely thrilled to welcome Sarah to our Board," said co-founder and CEO Daniel Ramot.
  • "I'm delighted to join the board of a company that has built transformative technology and has such an incredible mission.

Avnet Announces Preliminary Results for Fourth Quarter Fiscal Year 2021

Retrieved on: 
Tuesday, July 20, 2021
Software, Hardware, Data management, Technology, Supply chain management, Logistics, Supply chain management, Transport, Retail, Corporate finance, Finance, Money, Fundamental analysis, Economy, Earnings per share, Avnet, GAAP, Generally Accepted Accounting Principles, Reconciliation, Earnings call

Avnet, Inc. (Nasdaq: AVT) today announced preliminary, unaudited results for fourth quarter sales, operating margins, and earnings per share. Sales and earnings per share will exceed the high end of previous guidance.

Key Points: 
  • The company will release the final financial results for the fourth quarter and fiscal year 2021 on August 11 after market close.
  • Following the earnings release, Avnet Chief Executive Officer Phil Gallagher and Avnet Chief Financial Officer Tom Liguori will host a webcast and teleconference at 1:30 p.m. PDT / 4:30 p.m. EDT.
  • Any analysis of results and outlook on a non-GAAP basis should be used as a complement to, and in conjunction with, results presented in accordance with GAAP.
  • The following table presents the reconciliation of preliminary non-GAAP adjusted diluted earnings per share to the preliminary GAAP diluted earnings per share for the fourth quarter of fiscal 2021 ended July 3, 2021.

XBRL US Data Quality Committee Public Exposure of 16th Rule Set for US GAAP Filers

Retrieved on: 
Thursday, July 15, 2021
Professional services, Cosmetics, Retail, Finance, Banking, Accounting, Accounting, Economy, Finance, XBRL, Generally Accepted Accounting Principles, Financial Accounting Standards Board, Institute of Chartered Accountants of India, Financial accounting, Accounting software, XBRL GL, XBRL assurance

The XBRL US Data Quality Committee (DQC) has published its 16th Rule Set for a 45-day public review and comment period, which closes on August 31, 2021.

Key Points: 
  • The XBRL US Data Quality Committee (DQC) has published its 16th Rule Set for a 45-day public review and comment period, which closes on August 31, 2021.
  • This latest draft rule set contains eight rules specific to US GAAP filers.
  • The 15th Rule Set was approved at the Committees June meeting, and has an effective date of September 1, 2021.
  • To date, six DQC rules, covering hundreds of XBRL concepts, have been incorporated into the Data Quality Committee Rules Taxonomy (DQCRT) maintained by the Financial Accounting Standards Board (FASB).

Financial information in the Form S-1 registration statement and Change to Board of Directors

Retrieved on: 
Monday, July 12, 2021
Financial statements, Corporate finance, Accounting, Generally Accepted Accounting Principles, Generally Accepted Accounting Practice, Finance, Regulation S-X, Auditor's report

The registration statement included a proposed change to the board of directors as well as unaudited financial information which is detailed below.

Key Points: 
  • The registration statement included a proposed change to the board of directors as well as unaudited financial information which is detailed below.
  • The Company's Form S-1 registration statement contains unaudited consolidated financial statements for the period from 1 January 2021 to 31 March 2021 prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP").
  • Such consolidated financial statements, as extracted from the Form S-1 registration statement, are attached to this announcement.
  • In line with Nasdaq best practices to not have the CFO nor CAO on a Company's board, Mr. Holtz has resigned from our board of directors.

Mitsubishi UFJ Financial Group, Inc. Announces Filing of Annual Report on Form 20-F for the Year Ended March 31, 2021

Retrieved on: 
Monday, July 12, 2021
Banking, Other Professional Services, Professional services, Finance, Companies, Mitsubishi companies, Mitsubishi UFJ Financial Group, Economy of Japan, Financial statements, Chiyoda, Tokyo, UFJ, Annual report, Mitsubishi, Fiscal year, Generally Accepted Accounting Principles, Mitsubishi UFJ Securities International

Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)(TOKYO:8306)(ISIN:JP3902900004)(MUFG) hereby announces that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2021 (the Annual Report) with the U.S. Securities and Exchange Commission on July 9, 2021.

Key Points: 
  • Mitsubishi UFJ Financial Group, Inc. (NYSE:MUFG)(TOKYO:8306)(ISIN:JP3902900004)(MUFG) hereby announces that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2021 (the Annual Report) with the U.S. Securities and Exchange Commission on July 9, 2021.
  • The Annual Report includes MUFGs audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended March 31, 2021.
  • The Annual Report is available on our website at the following website address:

FASB Stakeholders Invited to Share Their Views on Future Agenda Priorities

Retrieved on: 
Thursday, June 24, 2021
Consulting, Banking, Professional services, Finance, Accounting, Accounting standards, Business, Economy, Financial Accounting Standards Board, Accounting Standards Board, ITC Limited, Generally Accepted Accounting Principles

The Financial Accounting Standards Board ( FASB ) today published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda.

Key Points: 
  • The Financial Accounting Standards Board ( FASB ) today published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda.
  • The ITC is a FASB staff document; it does not include Board views.
  • Rather, it is intended to solicit broad stakeholder feedback on what the FASBs future agenda priorities should be.
  • The Board will consider the feedback received from the ITC when making any changes to its agenda.

Body and Mind Reports Record Financial Results

Retrieved on: 
Tuesday, June 22, 2021
Health sciences, Herbalism, Medicinal plants, Pharmaceutical sciences, Medicine, Cannabis, Cannabis smoking, Entheogens, Legality of cannabis, Generally Accepted Accounting Principles, Medical cannabis, Dispensary

Financial results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and all currency is in U.S. dollars.

Key Points: 
  • Financial results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and all currency is in U.S. dollars.
  • NMG Ohio production facility construction complete and State operational approvals received;
    Ownership of The Clubhouse dispensary outside Cleveland, Ohio transferred to a 100% owned Body and Mind subsidiary to allow consolidation of revenues effective September 4, 2020;
    Rebranded the dispensary as Body and Mind in September 2020;
    Commenced curbside and online express order purchasing options.
  • Both of these opportunities are expected to add revenue this fiscal year and allow expansion of Body and Mind branded offerings to new markets.
  • Please use replay number 306817 #
    View the Body and Mind video at:
    About Body and Mind Inc.
    BaM is an operations focused multi-state operator investing in high quality medical and recreational cannabis cultivation, production and retail.

AAM to Present at the Deutsche Bank Global Auto Industry Conference on June 17

Retrieved on: 
Wednesday, June 16, 2021
American Axle, Richard E. Dauch, Finance, Reconciliation, Generally Accepted Accounting Principles, GAAP, Money, Economy

DETROIT, June 16, 2021 /PRNewswire/ -- American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) will participate in the Deutsche Bank Global Auto Industry Conference on June 17, which will be held virtually.

Key Points: 
  • DETROIT, June 16, 2021 /PRNewswire/ -- American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) will participate in the Deutsche Bank Global Auto Industry Conference on June 17, which will be held virtually.
  • ET, David C. Dauch, AAM's Chairman and Chief Executive Officer, will discuss recent business developments.
  • A live audio webcast will be accessible through the Investor Relations page on AAM's website ( www.aam.com ).
  • Information regarding these non-GAAP measures, as well as a reconciliation of these non-GAAP measures to GAAP financial information, is available on AAM's website ( www.aam.com ).

Narcissistic CEOs More Likely to Mislead Investors

Retrieved on: 
Tuesday, June 8, 2021
Generally Accepted Accounting Principles, U.S. Securities and Exchange Commission, Accounting, GAAP, Articles, Financial services

LAKEWOOD RANCH, Fla., June 8, 2021 /PRNewswire/ -- A recent study published by the American Accounting Association finds that narcissistic CEOs are more likely than other CEOs to make financial disclosures about their companies that stray from generally accepted accounting principles (GAAP) and that these disclosures are likely to be more misleading.

Key Points: 
  • LAKEWOOD RANCH, Fla., June 8, 2021 /PRNewswire/ -- A recent study published by the American Accounting Association finds that narcissistic CEOs are more likely than other CEOs to make financial disclosures about their companies that stray from generally accepted accounting principles (GAAP) and that these disclosures are likely to be more misleading.
  • The idea is that this gives investors a better idea of the company's long-term financial circumstances.
  • The researchers found that the more narcissistic the CEO, the more likely they were to exclude costs in non-GAAP statements.
  • "However, this study highlights the need to view earnings disclosures from narcissistic CEOs with heightened skepticism."

Coupa Software Reports First Quarter Fiscal 2022 Financial Results

Retrieved on: 
Monday, June 7, 2021
Coupa, Generally Accepted Accounting Principles, GAAP, Reconciliation, Business, Economy, Companies

SAN MATEO, Calif., June7, 2021 /PRNewswire/ -- Coupa Software (NASDAQ: COUP) today announced financial results for its first fiscal quarter ended April30, 2021.

Key Points: 
  • SAN MATEO, Calif., June7, 2021 /PRNewswire/ -- Coupa Software (NASDAQ: COUP) today announced financial results for its first fiscal quarter ended April30, 2021.
  • See the section titled "Non-GAAP Financial Measures" and the reconciliation tables below for important information regarding the non-GAAP financial measures used by Coupa.
  • Coupa encourages investors and others to review its financial information in its entirety, not to rely on any single financial measure, and to view its non-GAAP measures in conjunction with GAAP financial measures.
  • In addition, Coupa compensates for the limitations of its non-GAAP financial measures by providing a reconciliation of each non-GAAP measure to the most directly comparable GAAP financial measure.