Always a fertile source of guidance, this year’s American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, held on December 4-6, was no exception. Discussions during this year’s...more
The Securities and Exchange Commission on December 12 announced the appointment of five new members of the Public Company Accounting Oversight Board. The new chairman of the Board will be William D. Duhnke III, currently the...more
In a November 14 speech at the Financial Executives International 36th Annual Current Financial Reporting Issues Conference, SEC Chief Accountant Wesley Bricker commented on a range of topics, including effective financial...more
The Center for Audit Quality and Audit Analytics recently released their 2017 Audit Committee Transparency Barometer. As in past years, the 2017 report “illustrates the continuing positive trend of audit committees...more
On October 23, 2017, the Securities and Exchange Commission approved the Public Company Accounting Oversight Board’s revised auditing standard, AS 3101, governing the contents and form of the audit report. As noted by SEC...more
SEC Chief Accountant Wesley Bricker recently delivered another speech in which he discussed current issues in financial reporting and highlighted the critical roles that auditors, audit committees and audit regulation play in...more
In a pair of recent speeches, SEC Chief Accountant Wesley Bricker discussed the critical role audit committees play in the financial reporting process, explored current challenges confronting audit committees, and offered...more
Senators Charles Grassley (R-Iowa) and Jack Reed (D-Rhode Island) have re-introduced their proposal to open to the public disciplinary proceedings by the Public Company Accounting Oversight Board against accountants. Under...more
Outgoing Securities and Exchange Commission (SEC) Chair Mary Jo White has urged her successor and the SEC to continue to pursue high-quality, globally accepted accounting standards “as one of its highest priorities.” In a...more
Continuing its efforts to bring enforcement actions for violations of whistleblower protections, the Securities and Exchange Commission recently settled two more cases. Both cases involved severance agreements that contained...more
The Financial Accounting Standards Board’s comprehensive new revenue recognition standard (ASC 606) will become effective for calendar-year reporting companies on January 1, 2018, a little over a year from now. As previously...more
This year’s American Institute of Certified Public Accountants Conference on SEC and PCAOB Developments, held on December 5-7, echoed several themes from prior AICPA conferences regarding regulatory priorities of interest to...more
The election of Donald Trump as the next President and the continued Republican control of Congress raise questions as to what changes may be expected at the Securities and Exchange Commission (SEC or Commission) and what may...more
At a conference last week, the Chief Accountant of the SEC’s Division of Corporation Finance emphasized that the SEC staff will scrutinize companies’ financial reports in their upcoming reports on Form 10-K to see if they...more
Speaking at the American Law Institute’s Conference on Accountants’ Liability in September, Andrew Ceresney, Director of the Division of Enforcement of the Securities and Exchange Commission, reviewed in detail the SEC’s...more
The Securities and Exchange Commission (SEC) continues to pursue enforcement actions against companies for whistleblower-related violations. The latest in a recent string of settled orders, which include the SEC's first case...more
The Securities and Exchange Commission (SEC) recently announced settlements with two companies for using severance agreements that allegedly violated Rule 21F-17. [Order Instituting Cease-And-Desist Proceedings, In the Matter...more
Recently, a group of prominent corporate executives, including Warren Buffett and Jamie Dimon, as well as investment managers and institutional investors, issued a set of “Commonsense Principles of Corporate Governance.”...more
The US Securities and Exchange Commission (SEC) recently announced settlements with two companies for using severance agreements that allegedly violated Rule 21F-17. Rule 21F-17 provides that “[n]o person may take any action...more
As has been widely reported, in recent months the Securities and Exchange Commission has raised concerns about the use of non-GAAP measures by public reporting companies, through public speeches, revised compliance guidance...more
Since 2013, the Securities and Exchange Commission, under the direction of Chair Mary Jo White, has undertaken a “Disclosure Effectiveness Initiative” aimed at improving the content and presentation of disclosures by...more
On May 11, the Public Company Accounting Oversight Board unanimously agreed to repropose a revised auditing standard governing the contents and form of the audit report delivered by registered public accounting firms in their...more
On May 17, 2016, the SEC’s Division of Corporation Finance escalated the SEC’s efforts to curb perceived misuse of non-GAAP financial measures with the issuance of a revised set of Compliance and Disclosure Interpretations...more
5/26/2016
/ C&DIs ,
Earnings Reports ,
EBITDA ,
Financial Reporting ,
Form 8-K ,
GAAP ,
Non-GAAP Financial Measures ,
Publicly-Traded Companies ,
Regulation G ,
Regulation S-K ,
Securities and Exchange Commission (SEC)
On May 9, the Securities and Exchange Commission, as expected, issued an order approving the Public Company Accounting Oversight Board’s rules requiring that accounting firms disclose in a new PCAOB form the names of audit...more
Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the...more
3/26/2016
/ Administrative Proceedings ,
Audit Committee ,
Chamber of Commerce ,
Corporate Counsel ,
Enforcement Actions ,
Internal Controls ,
PCAOB ,
Popular ,
Reporting Requirements ,
Sanctions ,
Securities and Exchange Commission (SEC)