The China Securities Regulatory Commission says it is ready to transfer audit documents of a Chinese company listed in the U.S. to the Securities and Exchange Commission and the Public Company Accounting Oversight Board. The overture is a breakthrough after a two-year standoff on the issue. A spokesman for the Chinese agency did not say which company's audit documents CSRC would turn over or when it would happen.
Too many CFOs are mired in old mindsets and methodologies, according to this opinion piece. They don't seek to change flawed reporting processes or update arcane managerial accounting practices, even when they result in inaccurate data about products and services. There are many reasons for this, including a misconception about complexity involved and too little emphasis on a need for internal reporting and auditing. A "vanguard CFO" would push beyond these limitations to develop a dynamic and forward-looking financial ecosystem, the piece concludes.
A study to be released today says economic output would fall 0.2% and investment would decline 0.3% if the deductibility of business interest expense were cut by 25%. The study was conducted by Ernst & Young and sponsored by the BUILD Coalition. BUILD was developed to lobby to keep interest deduction intact as Congress seeks to overhaul the tax code.