SEC Considering Enhanced Accounting Disclosures for Financial Institutions

more+
less-

At a hearing of the House Committee on Financial Services, Mary Schapiro, Chairwoman of the Securities and Exchange Commission (the “SEC”), announced that the SEC is considering whether to enact new rules that would prevent financial institutions from using certain accounting methods to hide debt, or temporarily lower risk, immediately prior to releasing their SEC reports. Specifically, the SEC would impose enhanced disclosure requirements on financial institutions and would take a more definite stance on certain accounting methods being considered acts of “deception” under the SEC rules. For example, the SEC is considering expanding the requirement to disclose average debt balances on annual reports from bank holding companies to all financial institutions with such disclosure being required quarterly rather than annually.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Miller & Martin PLLC | Attorney Advertising

Written by:

more+
less-

Miller & Martin PLLC on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×