Friday, March 22, 2019
Our New Master Class Video

Thursday, March 21, 2019
Tech Data’s Goodwill Adjustment

Tuesday, March 19, 2019
There’s Taxes, and There’s Taxes

Saturday, March 16, 2019
Adventures in Tax Cuts and Net Income

Monday, March 11, 2019
Big Moves in Goodwill, Intangible Value

Friday, March 8, 2019
CVS, Goodwill, and Enterprise Value

Thursday, February 28, 2019
Summary of Our Goodwill Research/ How-To

Wednesday, February 27, 2019
What Does ‘Other’ Mean? An Example

Thursday, February 21, 2019
Another Tale, Buried in the Footnotes

Wednesday, February 13, 2019
Low Latency Calcbench

Monday, February 11, 2019
Now Streaming on Hulu: Red Ink

Thursday, February 7, 2019
Early Look at 2018 Tax Decline

Wednesday, February 6, 2019
You Revised WHAT, Netflix?

Thursday, January 31, 2019
Talking About Huawei Exposure

Wednesday, January 30, 2019
Another Discrepancy in Reported Numbers

Wednesday, January 30, 2019
Finding Revised Facts: Hertz Edition

Wednesday, January 23, 2019
GE Commercial Aviation Services: Bringing Numbers to Light

Monday, January 21, 2019
Differences in Earnings Releases and 10-Ks

Wednesday, January 16, 2019
The Importance of Textual Analysis

Tuesday, January 8, 2019
A Look at Climate Change Disclosures

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We didn’t plan this, we swear—but one day after our post about how Calcbench users can easily find and read SEC comment letters, the SEC itself gave the perfect example of why you might want to do so.

That example came in the form of comment letters sent to LendingClub, prodding the online lender about its use of non-GAAP accounting metrics. The SEC and LendingClub swapped a series of letters over the summer, as part of the SEC’s regular review of public filers’ financial accounting.

By Nov. 4 the SEC had closed its review with no further action, and per usual routine, the comment letters became public this fall. You can read all about the LendingClub’s exchange in an article from the Wall Street Journal today.

Sympathetic souls might think, “Yuck, that must have been an unwelcome surprise from the SEC.”

Well, no. Not if you keep on the lookout for SEC’s comment letters to your competitors, to see whether questions they receive might eventually become questions you receive, too.

For example, On Deck Capital, an online lender to small businesses, also received SEC comment letters over the summer inquiring about On Deck’s non-GAAP metrics. Another competitor, Prosper Marketplace, had extensive correspondence with the SEC in 2015 over its registration statement.

All of that correspondence has been tucked away in Calcbench’s databases for many months. Comment letters typically don’t become public on the SEC EDGAR database until 20 days after they are sent—but once they are available, then like all SEC filings, they are indexed and added to the Calcbench empire immediately.

For financial reporting professionals, then, keeping tabs on your competitors’ comment letters is a great way to stay ahead of what might be coming your way, too. And keeping tabs has never been easier on Calcbench.

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