A Democratic proposal to tie taxes for big companies more closely to their financial accounting could distort public financial disclosures, inject politics into accounting rule-making and complicate financial reporting for large companies, according to accounting and tax experts and investors. The proposal, which passed the House by a seven-vote margin on Friday, is intended to…
After its business was hit by the pandemic, retailer Ulta Beauty Inc. ULTA -0.82% appears to have used some accounting cosmetics to add a gloss to its financial results. Operating income at the once-fast-growing chain, which temporarily closed stores during the health crisis, plummeted to $13 million for the nine months through October, a fraction of the $613 million earned in the…
With SEC Comment Letter data from the CompanyIQ® databse, this report looks at ASC 606 compliance. There are nearly 600 codification references of ASC 606 (and related ASC 340-40) in over 430 comments covering a broad range of issues. Just over 180 unique Companies have engaged in a total of 225 conversations (i.e. a few…