Financial Reporting

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SEC Staff Updates Guidance on Use of Non-GAAP Financial Measures

On Tuesday May 17, 2016, the staff of the SEC’s Division of Corporation Finance issued new C&DIs relating to Regulation G (which governs use of non-GAAP financial measures in public disclosures generally) and Item 10(e) of...more

New SEC Guidance Helps Close the GAAP

As recently as last month I wrote about the SEC’s heightened focus on non-GAAP financial measure disclosures, evidenced by recent pronouncements from SEC Chair Mary Jo White, PCAOB Chair James R. Doty, SEC Commissioner Kara...more

SEC Updates Guidance on Use of Non-GAAP Financial Measures

On May 17, 2016, the Securities and Exchange Commission released updated guidance regarding the disclosure of non-GAAP financial information by public companies. This updated guidance comes in the wake of several public...more

Law And Accounting Committee Summary Of Current FASB Developments

In March, 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Account. This update simplifies accounting for share-based...more

SEC’s Continued Concern with the Use of Non-GAAP Financial Measures

On May 5, 2016, SEC Deputy Chief Accountant Wesley Bricker and the SEC Division of Corporation Finance’s Chief Accountant Mark Kronforst spoke at the 2016 Baruch College Financial Reporting Conference. Deputy Chief Accountant...more

UK Financial Regulatory Developments - May 2016 #2

PRA consults on financial statement reporting - PRA is consulting on future reporting of balance sheet, statement of profit or loss (P&L) and forecast capital data (currently known as Capital+) for banks, building...more

Fixing a Sour Corporate Culture: Valeant Pharmaceuticals Faces an Uphill Challenge

Like the Greek mythology character Sisyphus, Valeant Pharmaceutical is attempting to atone for its sins and turn its corporate culture around. I am not usually a cynic but when I see these transparent attempts to reverse a...more

Blog: SEC Staff Continues To Admonish Companies On Problematic Use Of Non-GAAP Measures

In remarks today before the 2016 Baruch College Financial Reporting Conference, SEC Deputy Chief Accountant Wesley Bricker discussed one of the SEC’s topics du jour, non-GAAP reporting. Recently, the SEC and staff (Chair...more

Colorado Mining Company Announces FCPA Investigation

Recently, a gold mining company based in Colorado disclosed in its quarterly filings an investigation of certain business activities of the company and its affiliates outside the U.S. for possible violations of the FCPA....more

Concerned about a going concern? New standards on accounting standards

Following on from our recent blog post on Ralls Builders Limited (in liquidation) [2016] EWHC 243 (Ch), in which Mr Justice Snowdon discussed the issues around wrongful trading under section 214 of the Insolvency Act 1986 and...more

Securities Law Advisory: SEC Issues Concept Release Seeking Comment on Regulation S-K

At an open meeting of the U.S. Securities and Exchange Commission (SEC) on April 13, 2016, the SEC voted 3-0 to issue a concept release seeking public comment on modernizing certain disclosure requirements of Regulation S-K,...more

The SEC’s Non-GAAP Drumbeat Grows Louder

Last year I wrote about the hazards of “non-GAAP disclosure creep,” which can occur as companies become increasingly aggressive with their use of non-GAAP financial measures or simply become bogged down as more and more...more

Recent SEC Enforcement Actions and Public Commentary Demonstrate the Commission’s Continued Focus on Internal Control Failures

We have previously written about how, over the past few years, the SEC and other regulatory agencies have devoted substantial resources to investigations regarding allegations that public companies have inadequate internal...more

This Week In Securities Litigation

Budget hearings were a focus this week as the Chair of the SEC and Chairman of the CFTC visited Capitol Hill. Both sought substantial increases, requesting more money for technology, inspections and enforcement. While the...more

Recent SEC Enforcement Actions and Public Commentary Demonstrate the Commission’s Continued Focus on Internal Control Failures

We have previously written about how, over the past few years, the SEC and other regulatory agencies have devoted substantial resources to investigations regarding allegations that public companies have inadequate internal...more

The Vegas Sands FCPA Action: Good Controls are Good Business

FCPA cases typically center on the payment of bribes to obtain or retain business. The bribes paid are usually small in comparison to the profits achieved – the obvious motive for the wrongful conduct. The profits of course...more

Blog: SEC Chief Accountant Addresses The New Revenue Recognition Standard In The Context Of The Life Sciences Industry

In late March, SEC Chief Accountant, James Schnurr, delivered remarks before the 12th Annual Life Sciences Accounting and Reporting Congress. The remarks addressed the new revenue recognition standard and internal control...more

Securities Litigation and Enforcement Newsletter

SEC Enforcement Trends for 2016 - Welcome to the latest edition of Fenwick and West’s Securities Litigation and Enforcement Newsletter. In this newsletter, we look at SEC enforcement trends for 2016, starting with a...more

CFPB to participate in Financial Data Summit

The CFPB is among the federal agencies participating in a Financial Data Summit hosted by the Data Coalition to be held on March 29, 2016 in Washington, D.C. Linda Powell, the CFPB’s Chief Data Officer, will be on a panel...more

SEC Imposes Penalties on Company and Officers for Inadequate Staffing in Accounting Department

Highlights - The SEC settled charges against Magnum Hunter Resources Corporation and two of its officers for deficient oversight of the company’s internal controls over financial reporting, resulting in fines of...more

Two Bills Aimed at Broadening Access to Capital Markets Reported out of House Financial Services Committee

Earlier this month, on March 2, 2016, the House Financial Services Committee reported favorably on two bills that propose changes to the federal securities laws: the Main Street Growth Act (H.R. 4638) and the Fostering...more

New Accounting Standards from FASB Create Big Changes for Leases

In February, The Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) addressing financial reporting about transactions involving leases. These new accounting standards have been in...more

European Banking Authority Proposes Amendments to the EU Standards on Supervisory Reporting

The European Banking Authority published final draft Implementing Technical Standards to amend the ITS on supervisory reporting under the Capital Requirements Regulation. The amending ITS make changes to the reporting...more

Your daily dose of financial news The Brief – 3.11.16

As expected, ECB President Mario Draghi announced yesterday an “aggressive package of quantitative easing measures” that had the immediate impact of sending stock and bond prices higher (at least for an hour or so)....more

Newly Codified Exemption for Private Resales of Securities

On December 4, 2015, the Fixing America’s Surface Transportation Act (the FAST Act) was signed into law. While the FAST Act primarily dealt with transportation and infrastructure improvements, it included a new subsection to...more

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