News & Analysis as of

Financial Reporting

Foreign Investment Reporting to the United States: In-Bound Investment into the United States

by McNair Law Firm, P.A. on

Businesses making investments in the United States, directly or indirectly, are required to report this investment to the United States government. This “in-bound” investment is reported to the United States Department of...more

Tax Round Up - May 2017

by Proskauer Rose LLP on

Budget and Finance Bill - General Election – Finance Bill (No.2) 2017 Curtailed - The Finance (No.2) Bill received Royal Assent on 27 April 2017, becoming the Finance Act 2017. However, as a result of Theresa May...more

Blog: Are “Other Key Operating Metrics” The New Non-GAAP Financial Measures?

by Cooley LLP on

As reported by BNA, the top accounting staff at the SEC are quite satisfied with companies’ responses to the SEC’s assault on abuses of non-GAAP financial measures. The staff’s concern was that companies’ reporting was often...more

SEC Chief Accountant Discusses Audit Committee Effectiveness, Other Current Topics

by WilmerHale on

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

Debt Dialogue: April 2017 - SEC Action Against Underwriter Illustrates Enforcement of Disclosure Violations in the Muni World

On April 5, as one of several enforcement actions relating to an alleged Ponzi scheme, the Securities and Exchange Commission settled an administrative enforcement action against a municipal bond underwriter accused of...more

For closely held companies: Is there, or will there soon be, a significant lender in your life?

by Mintz Levin on

Ten considerations for closely held companies incurring debt in connection with minority investments by private equity sponsors, growth financing, or dividend recapitalizations....more

PCAOB White Paper on Emerging Growth Companies

In March 2017, the Public Company Accounting Oversight Board, or PCAOB, released a white paper detailing certain characteristics and trends of emerging growth companies, or EGCs, based on its review of available data through...more

Blog: SEC Chief Accountant Addresses Audit Committee Effectiveness

by Cooley LLP on

In a recent speech at the University of Tennessee, “Advancing the Role and Effectiveness of Audit Committees,” SEC Chief Accountant Wes Bricker discusses his recommendations for — wait for it — improving the effectiveness of...more

SEC Chief Accountant’s Remarks on Enhancing Audit Committee Effectiveness and Advancing Effective ICFR

In a pair of recent speeches, SEC Chief Accountant Wesley R. Bricker emphasized the importance of reinforcing and advancing credible financial reporting through effective audit committees and effective internal control over...more

Two Restatements Results in Settled SEC Financial Fraud Charges

by Dorsey & Whitney LLP on

The Commission filed a settled financial fraud action centered on three restatements against a company and two of its officers last fall. It charged violations of Exchange Act Sections 10(b), 13(a), 13(b)(2)(A) and...more

Payment Practices and Performance Reporting - New UK rules aimed at tackling late payment of suppliers and vendors will require...

Under Section 3 of the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015), the Secretary of State has the power, by regulations, to require certain companies to publish information about their payment practices...more

Sears and the Going Concern Footnote

Traditionally, there has been no guidance in US GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote...more

The SEC Speaks 2017: Division of Enforcement Highlights

by Ropes & Gray LLP on

At the SEC Speaks 2017 conference, held in Washington, D.C. from February 24-25, 2017, senior Securities and Exchange Commission (“SEC”) officials shared their observations about the SEC’s Division of Enforcement’s...more

SEC Speaks 2017

by Morgan Lewis on

Commission staff highlight key developments and successes in the SEC enforcement program. As they do every year, senior officials from the US Securities and Exchange Commission (SEC or the Commission), including current...more

KPMG Issues 2017 Global Audit Committee Pulse Survey

by WilmerHale on

Recently, KPMG released its 2017 Global Audit Committee Pulse Survey, which reports on audit committee activities based on survey responses from 800 audit committee members across 42 countries. Asking, "Is Everything Under...more

Practice Pointers: Anticipating and Addressing SEC Comments on Non-GAAP Financial Measures - February 2017

by Morrison & Foerster LLP on

The use of non-GAAP financial measures by public companies continues to be an area of growing concern for the Securities and Exchange Commission (“SEC”). Since the staff of the SEC’s Division of Corporation Finance (the...more

"Key Takeaways: Corporate Governance Series — Key SEC Financial Reporting, Accounting and Enforcement Matters"

On February 2, 2017, Skadden hosted a webinar titled “Key SEC Financial Reporting, Accounting and Enforcement Matters,” the third installment of our four-part Corporate Governance Series focused on trends in corporate...more

2017 heralds new non-financial reporting requirements across Europe

by Allen & Overy LLP on

For many large companies across Europe, 2017 marks the introduction of new non-financial reporting requirements addressing issues such as human rights and corruption for financial years beginning on or after 1 January 2017....more

Preparing for the 2017 AGM and reporting season

by DLA Piper on

As the 2017 AGM and reporting season gets underway, we give an overview of the key changes affecting listed and AIM companies. Many listed companies will be putting a new remuneration policy to shareholders for approval in...more

Climate Change Reporting: Task Force on Climate-related Financial Disclosures

by Allen & Overy LLP on

At the end of last year, the Task Force on Climaterelated Financial Disclosures (the Task Force) published its Recommendations Report on climate change related financial disclosures. The 32-member Task Force was...more

A Guide to Executive Branch Gift Rules for 2017

by Perkins Coie on

In this update, we summarize the current rules on providing gifts to federal executive branch officials and employees, including amendments to those rules effective January 1, 2017. The executive branch gift and travel rules...more

The Short Field Guide to IPOs - 2017

THE EMERGING GROWTH COMPANY - The JOBS Act created a new class of issuer: the emerging growth company (EGC). An EGC is defined as an issuer with total annual gross revenue of less than $1 billion during the most recent...more

Compliance Expertise Needed on the Board

by Thomas Fox on

This week I have been exploring the different types compliance committee’s which an organization can utilize to help effect a best practices compliance program. I have written about compliance committee’s at the Board of...more

Thoughts on Internal Control Over Financial Reporting

As year-end approaches, many companies will be focused on preparing their annual reports. Recent comments from various representatives of the Securities and Exchange Commission accounting staff emphasized the importance of...more

Connecticut Issues Bulletins Regarding Financial Reporting Requirements For Surplus Lines Insurers And Accredited Reinsurers

by Carlton Fields on

The Connecticut Insurance Department has issued two bulletins addressing 2016 and 2017 financial reporting requirements for foreign eligible surplus lines insurers and accredited reinsurers. Regarding surplus lines insurers,...more

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