• Business Accounting

    OneSpaWorld Announces Response to SEC Guidance Issued on April 12, 2021 Applicable to Accounting for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)

    OneSpaWorld Holdings Limited (NASDAQ: OSW) (“OneSpaWorld,” or the “Company”), the pre-eminent global provider of health and wellness services and products on board cruise ships and in destination resorts around the world, announced today in a Current Report on Form 8-K, that as a result of recent guidance issued by the Division of Corporate Finance of the Securities and Exchange Commission (the “SEC”) on April 12, 2021 regarding the accounting and financial reporting of warrants issued by SPACs (“the Staff Statement”), it will restate its previously issued consolidated financial statements to change the accounting treatment of its 2019 public and private  

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  • Business Accounting

    Climate Real Impact Solutions II Acquisition Corporation Announces Review of Warrant Accounting Following SEC Staff Statement

    PRINCETON, N.J.–(BUSINESS WIRE)–On April 12, 2021, the staff of the Securities and Exchange Commission issued a Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) (the “SEC Staff Statement”). The SEC Staff Statement addresses certain accounting and reporting considerations related to warrants of a kind similar to those issued by Climate Real Impact Solutions II Acquisition Corporation (the “Company”). The Company currently has 9,383,333 outstanding warrants, comprised of 4,830,000 warrants included in the units sold in the Company’s initial public offering (“IPO”) and 4,553,333 warrants issued to the Company’s sponsor in  

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  • Business Accounting

    General Electric’s accounting tactics bared in SEC settlement

    In 2015, Larry Fink, the BlackRock founder and chief executive, released a public letter pressing fellow CEOs to eschew making business decisions based on short-term considerations. “It is critical, however, to understand that corporate leaders’ duty of care and loyalty is not to every investor or trader who owns their company’s shares at any moment in time but to the company and its long-term owners,” he wrote. One company that BlackRock was a major shareholder at the time was General Electric with a stake of nearly 6 per cent. Around then, Jeffrey Immelt, the chief executive of GE, appears to  

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  • Business Accounting

    GE to Pay $200 Million to Settle SEC Accounting Probe

    General Electric Co. GE 2.59{a25bda0f8ab6dac90e68079d6f038584ef6ac53f1f4621de3ad526e35cd6c0d6} agreed to pay a $200 million penalty to settle federal claims that it misled investors by failing to disclose problems in its gas-turbine power and insurance businesses, capping an investigation into what went wrong inside the conglomerate. The Securities and Exchange Commission, after a multiyear probe into how GE recognized some costs and profits, said the company misrepresented how its power business was making money and didn’t inform investors of the rising risk in its legacy insurance portfolio that would eventually require more than $15 billion to boost its reserves. “GE’s repeated disclosure failures across  

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  • Financial Analysis

    SEC Trims Financial Disclosure Requirements

    Wednesday, December 2, 2020 On November 19, 2020, the Securities and Exchange Commission (SEC) adopted amendments to Regulation S-K that update and streamline its rules governing Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) disclosure and related requirements to provide selected financial data and quarterly financial information.[1]  The rule changes are part of the SEC’s ongoing effort to modernize its disclosure requirements and are intended to simplify compliance efforts for companies.  For a discussion of other recent changes that modernize the SEC’s disclosure rules, see our previous client alert here. The amended rules eliminate certain  

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