SEC facing huge challenge to get info on huge revenues of Amazon and Google – Google News Today – Sat May 19

For quite some time the U.S. Securities and Exchange Commission has been exerting efforts to get relevant information on the huge revenues of tech giants Amazon and Google.

Sources said SEC is curious to know about Google’s YouTube revenue, Amazon’s allocation of R&D spending and a few other matters related to the vast amounts of money coming and going from Big Tech’s corporate giants.

To achieve their goal of getting the information they want SEC has been sending regular correspondence to both Amazon and Google to explain further their wealth.

READ ALSO:  Ripple Price Forecast 2019: Why might Ripple (XRP) rise significantly in this year? Ripple News Today - USD / XRP Price Today - Tue Mar 19

The SEC is very interested to know parts of these companies that have grown into massive companies on their own, such as YouTube and Amazon Web Services.

Tom Selling, a former SEC accountant who consults with public companies on accounting standards and SEC compliance explained SEC wants the two companies to comply with the segment rules.

Selling said SEC correspondence is part of a regular check-in, which tends to happen about every three years, but it certainly seized that opportunity to try to ferret out more info about underreported business segments.

READ ALSO:  Amazon (AMZN) and Facebook (FB) Forecast 2018: How About Banking Online With Facebook Or Amazon? It Is Most Likely Happening In 2018! - Amazon News Today - Sat May 19

Despite pleadings from SEC both Amazon and Google have remained mum on the issue saying they have no obligation to explain the revenues of their companies.

mm
Joseph Taylor is a is a Senior Writer at TheOofy. Originally from UK, Taylor attended Oxford Business School. He covers many things from fintech apps, banking, and financial technologies. He also speaks at fintech conferences. He owns small amounts of various cryptocurrencies.