In the wake of a number of national restaurant operators having to restate earnings due to lease accounting errors, the Securities and Exchange Commission advised restaurant companies to assess the impact of such errors in order to determine whether restatements are necessary, according to The Wall Street Journal. In a letter sent to the American Institute of CPAs, SEC chief accountant Don Nicolaisen wrote that restaurateurs who "determine their prior accounting to be in error should state that the restatement results from the correction of errors, or, if restatement was determined by management to be unnecessary, state that the errors were immaterial to prior periods." Operators such as Red Lobster and Olive Garden parent Darden Restaurants Inc.; Brinker International, operator of the Chili's and Macaroni Grill concepts; and Carl's Jr. parent company CKE Restaurants Inc., have all restated financials due to lease accounting errors.
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Deloitte auditors have been turning their attention to climate risks affecting clients who need to deal with a growing array of regulations and laws.
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Experts say that busy entrepreneurs often miss incentives and advantages available to them. Financial advisors and tax professionals can give them a nudge.
April 22 -
The Internal Revenue Service's criminal investigators have been on the lookout for tax evasion by businesses that don't pay employment taxes.
April 19 -
After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas.
April 19 -
The Internal Revenue Service previewed a draft form for crypto brokers for reporting on the proceeds of digital asset transactions to their customers.
April 19 -
Seventeen percent of comment forms in 2021 and 2022 contained auditor evaluation deficiencies, according to the PCAOB.
April 19