FASB Revises Going Concern Evaluations and Disclosure


Generally accepted accounting principles, or GAAP, presumes continuation of a reporting entity as a going concern as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. This presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation... Read More

Topics: Public Companies and Securities, Uncategorized

CFPB Clarifies Heirs, Divorcees and Estate Planning Transferees Are Not Subject to Ability-to-Repay Rules


The CFPB issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will help surviving family members who acquire title to a property to take over the decedent’s... Read More

Topics: Consumer Protection, Uncategorized

Shareholder Lawsuit About Compensation Plan Derails Annual Meeting


An SEC registrant recently announced it had delayed its annual meeting from June 12, 2014 to September 11, 2014 because of this lawsuit. What’s the lawsuit about? Plaintiffs claim the company, a Delaware corporation, did not count abstentions as “no” votes when the most recent increase in the share reserve... Read More

Topics: Executive Compensation, Litigation, Public Companies and Securities, Uncategorized