In a November 15 letter to the SEC, FAF chairman John J. Brennan wrote that reducing FASB’s role in setting U.S. financial reporting standards “may weaken the positive leverage that U.S. GAAP and U.S. standard setting have provided to improving accounting standards for investors in the world’s most robust and transparent capital markets.” The FAF also disputed the SEC staff’s proposed goal of achieving one set of global accounting standards. Instead, the organization feels that “a more practical goal for the foreseeable future is to achieve highly comparable (but not necessarily identical) financial reporting standards among the most developed capital markets that are based on a common set of international standards.” [CFO]
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Koss Files 10-Q Sans Financial Statements, Declares Dividend
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Somehow this got overlooked earlier in the week but we can’t literally be all-knowing, all-seeing, all the time. Plus, haven’t you missed this mug?
Headphone cobbler Koss filed it’s first quarter 10-Q earlier this week, which ordinarily would be a non-event except for a small matter of missing financial statements.
The Milwaukee Business Journal reports that the company cited the missing financial statements “due to delays relating to certain previously disclosed unauthorized transactions.”
Yes, that’s PR-speak for ueSay achdevaSay.
Koss executives intend to amend the Form 10-Q to include the quarterly unaudited financial statements as soon as possible after Koss Corp. completes restating statements from previous quarters in fiscal 2008, fiscal 2009 and the quarter ending Sept. 30, 2009, the company said. The company said it expects to file amended financial reports with the SEC no later than June 30.
But there’s nothing to be worried about because the company declared a dividend and secured an $8 million credit facility with JP Morgan. Progress!
Koss declares dividend, but yet to report results [Milwaukee Business Journal]
10-Q [SEC.gov]
8-K [SEC.gov]
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Friday Footnotes: A Deloitteful Failure; PwC Hunts For Missing Emails; CPAs Tell Clients GTFO | 6.11.21
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