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General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

October 7, 2020

General Electric shares edged higher Wednesday, but trailed broader market gains as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.

a sign on the side of a building: General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

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General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

GE said Tuesday that it had received a so-called Wells Notice from the SEC that indicate authorities are looking into how the industrial group accounted for the run-off of some of its legacy insurance businesses that sat inside its GE Capital division.

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The SEC probe was triggered by a January 2018 move to take a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio under then-CEO John Flannery.

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order

General Electric Gets SEC Wells Notice Amid Accounting Probe

October 7, 2020

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General Electric (GE) – Get Report shares edged higher Wednesday, but trailed broader market gains as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.

GE said Tuesday that it had received a so-called Wells Notice from the SEC that indicate authorities are looking into how the industrial group accounted for the run-off of some of its legacy insurance businesses that sat inside its GE Capital division.

The SEC probe was triggered by a January 2018 move to take a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio under then-CEO John Flannery.

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order to shore up NALH’s statutory reserves, starting with

General Electric Says SEC Has Issued ‘Wells Notice’ Recommending Civil Action Over Shaky Accounting Practices

October 7, 2020

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General Electric said in a filing Tuesday it’s been notified by the Securities and Exchange Commission that the agency may take civil action against the struggling industrial conglomerate for possible violations of securities laws following a two-year investigation.

General Electric Co.Chief Executive Officer Jeffrey Immelt Opens GE iCentre — General Electric

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Key Facts

According to the filing, SEC staff issued a Wells Notice to GE on September 30 in connection with possible violations of securities laws, specifically with respect to lending arm GE Capital’s accounting practices for certain insurance operations, as well as the relevant disclosures.

A Wells notice is not a formal allegation nor a finding of wrongdoing, but rather a notification from the SEC that the regulator is preparing to bring a civil enforcement action or administrative proceeding against a company; it gives the target of the probe an opportunity to respond before the SEC makes a final determination.

GE stock took a

Global case tally above 34 million with U.S. accounting for a fifth as Dr. Fauci hits back at Trump’s mask claims

October 1, 2020

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The number of confirmed cases of the coronavirus that causes COVID-19 worldwide rose above 34 million on Thursday with the U.S. accounting for about a fifth of that total, as Dr. Anthony Fauci hit back at claims made by President Donald Trump during Tuesday’s presidential debate on face masks.

a man wearing a suit and tie: Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases

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Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases

Trump said Fauci, who is head of the Institute for Allergies and Infectious Diseases, said “masks are not good — and then changed his mind.” In a podcast recorded for ABC News, Fauci refuted that claim.

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“Anybody who has been listening to me over the last several months knows that a conversation does not go by where I do not strongly recommend that people wear masks,” he said. The podcast will be available in full on Thursday, according to ABC.

Fauci reminded listeners

FASB Further Delays Accounting Rule on Insurance Contracts

September 30, 2020

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Insurance companies are getting even more time to implement a new rule for valuing long-term contracts following a vote by the Financial Accounting Standards Board on Wednesday.

The rule maker, which sets accounting standards for companies and nonprofits in the U.S., in June proposed a delay of another year for the new rule amid the economic harm caused by the coronavirus pandemic. The rule was first delayed by a year last November to give companies more time to modernize their processes for reporting and valuation.

Insurance firms must review assumptions used to measure the value of their long-term contractual obligations and make revisions if needed. Long-term contracts include agreements on annuities, endowments and title insurance. Short-duration contracts usually cover property and liability protection.

Publicly listed insurers, excluding small ones, may

OneSpan: A Buying Opportunity Despite The Accounting Gaffe (NASDAQ:OSPN)

September 30, 2020

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(Source: OneSpan)

OneSpan Inc. (OSPN) combats identity fraud, primarily within the banking industry, where 60 of the top 100 global banks are using its products. The company is transforming from a hardware and perpetual licence software-based business model to cloud-delivered software services. But therein lies the problem for the most recent quarter. The pandemic is causing an acceleration of the business transformation which is blurring the financial picture for the company.

Q2 2020 Performance

On the surface, the performance appears to be pretty mediocre, with revenue decreasing by 2% YoY for Q2 2020. This is primarily the result of a faster-than-expected drop in hardware and perpetual license sales due to the pandemic. Of course, some of the lost product sales have migrated over to term license software or services. During the transition to Software-as-a-Service (SAAS), lower revenue is expected, along with margin compression, thus blurring the company’s performance.

(Source: OneSpan)

TrustRadius Names BlackLine A 2020 Tech Cares Award Winner For Giving Back To The Finance & Accounting Community During COVID-19 Pandemic

September 28, 2020

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LOS ANGELES, Sept. 28, 2020 /PRNewswire/ — Accounting automation software leader BlackLine, Inc. (Nasdaq: BL) has won a 2020 Tech Cares Award from TrustRadius, a leading B2B software peer reviews platform. The 2020 Tech Cares Awards celebrate companies that have gone above and beyond, demonstrating service, consideration and compassion to their communities, and that have exemplified one of TrustRadius’ core values – being human in the face of the global crisis.

BlackLine was recognized for its quick response to the COVID-19 pandemic, realizing that Finance and Accounting (F&A) organizations would face unprecedented challenges closing their books and conducting audits with the global lockdown forcing entire teams to work entirely from home for the first time. BlackLine acted quickly, opening access for customers to its entire library of premium online educational resources and self-led training – including CPE-eligible (Continuing Professional Education) courses. The company followed shortly thereafter unveiling a ‘Resource

American Fidelity Appoints SS&C for Insurance Investment Accounting Partnership

September 27, 2020

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The MarketWatch News Department was not involved in the creation of this content.

WINDSOR, Conn., Sept. 25, 2020 /PRNewswire via COMTEX/ —
WINDSOR, Conn., Sept. 25, 2020 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Oklahoma’s American Fidelity Assurance Company will migrate its insurance investment accounting to SS&C Singularity. American Fidelity is the seventh client in three months to adopt SS&C’s AI-powered Singularity investment operations and accounting platform, adding to the company’s established and fast-growing insurance customer base. Additionally, SS&C’s Precision LM platform will support the full loan lifecycle of American Fidelity’s commercial mortgage investments, including origination, servicing and accounting, and risk-based capital reporting.

“Singularity’s unique ability to provide a single, flexible, multi-basis accounting platform and comprehensive support for all of our core and alternative assets significantly enhances our operational efficiency,” said John Robison, Chief Investment Officer at American Fidelity. “SS&C’s strong capabilities for loan origination and

Seattle Staffing Agency | Accounting Recruiter

July 27, 2020

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“The job-hunting process is rarely easy, but working with (Seattle Financial DBA Northwest Recruiting Partners) proved to be the exception. They are very skilled at matching the right candidate to the right position, and with their help, I was hired for a role I would never have found otherwise.” ~ Sally U.

“I am so grateful for (Seattle Financial DBA Northwest Recruiting Partners) matching me with such a wonderful company and giving me the opportunity to begin a successful new career. They mentored me throughout the process, giving me tips on how to successfully interview, research, and become part of a great new working family.” ~ Colleen P.

“I appreciate the time (Seattle Financial DBA Northwest Recruiting Partners) took to get to know our business & culture and the consultative approach they take when recruiting for our roles. They have provided well-vetted candidates in a timely manner and listened closely

Seattle Staffing Agency | Accounting Jobs Seattle

June 20, 2020

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“The job-hunting process is rarely easy, but working with (Seattle Financial DBA Northwest Recruiting Partners) proved to be the exception. They are very skilled at matching the right candidate to the right position, and with their help, I was hired for a role I would never have found otherwise.” ~ Sally U.

“I am so grateful for (Seattle Financial DBA Northwest Recruiting Partners) matching me with such a wonderful company and giving me the opportunity to begin a successful new career. They mentored me throughout the process, giving me tips on how to successfully interview, research, and become part of a great new working family.” ~ Colleen P.

“I appreciate the time (Seattle Financial DBA Northwest Recruiting Partners) took to get to know our business & culture and the consultative approach they take when recruiting for our roles. They have provided well-vetted candidates in a timely manner and listened closely

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Q2 2020 Performance