Financial Reporting

News & Analysis as of

Settlement with Large Firm Audit Partner Reaffirms SEC’s Emphasis on Related Party Disclosures

The SEC’s Division of Enforcement has made a concerted effort in recent months to warn auditors and other corporate “gatekeepers” that it intends to scrutinize the adequacy of related party disclosures in financial filings. ...more

SEC Proposes Rules to Require Disclosure Regarding the Relationship Between Executive Pay and Company Financial Performance

On April 29, the Securities and Exchange Commission published proposed rules that would require companies to disclose the relationship between executive compensation and the financial performance of the company, as well as...more

New York AG Takes Proactive Approach to Regulation of Nonprofits

Signaling increased oversight of nonprofit organizations, the New York Attorney General’s Office recently began to scrutinize the management and operation of New York nonprofits in an effort to head off potential crises...more

Proposed Legislation Would Toughen Economic Disclosure Requirements for California Officials

In the wake of various investigative reports and public scandals, California lawmakers have proposed reform legislation aimed at providing greater transparency and accountability in government. Three separate bills are now...more

FCPA Compliance and Ethics Report-Episode 145-SEC Enforcement of the FCPA, Part II [Video]

In this episode which is Part II of my look at SEC enforcement of the FCPA, I consider whether profit disgorgement is available to the SEC in a strict liability enforcement action of violation of internal controls. ...more

Evolving Audit Committee Standards for Texas Insurers

Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the...more

SEC Annual Conference Highlights 2014 Accomplishments and Promises to Turn Up the Heat in 2015

With Chair Mary Jo White in her second year at the helm, the Securities and Exchange Commission showcased its efforts, improvements, and enforcement successes at this year’s SEC Speaks Conference. The Commission highlighted...more

New York Revises “BitLicense” Regulations for Virtual Currency Businesses

Seven months after releasing its BitLicense proposal, the State of New York has published substantial revisions. Like the original version, the revised regulations apply more broadly than federal regulations and require many...more

Corporate Governance Update – January 2015

1) SEC Grants Second Bad Actor Waiver with Conditions - On January 27th, the Securites and Exchange Commission granted Oppenheimer a bad actor waiver under Rule 506(d). ...more

Australia's Financial System Inquiry - “Unquestionably strong” Capital

The final report of Australia’s Financial System Inquiry (Inquiry) was released on 7 December 2014 (Final Report). According to the Treasurer, The Hon Joe Hockey MP, it lays out a blueprint for Australia’s financial system...more

SEC Accounting Staff Speeches at Annual AICPA Conference

On December 8 and 9, staff members of the SEC’s Office of the Chief Accountant, including the SEC chief accountant in his first published speech since he arrived at the SEC, discussed various accounting and financial...more

New COSO Internal Control – Integrated Framework Implementation Date Approaches

The framework used by many public companies to measure internal controls over financial reporting is sunsetting. As of December 15, 2014, the Internal Control – Integrated Framework originally published by the Committee of...more

Blog: Some Ways To Shorten 10-Ks And 10-Qs

I loved this column from Compliance Week by Scott Taub, former deputy chief accountant and former acting chief accountant at the SEC. It’s full of common sense ideas about how to shorten 10-Ks and 10-Qs, both of which seem to...more

CFPB issues FY 2014 financial report; GAO finds material weakness in CFPB reporting controls

The CFPB has issued its financial report for its 2014 fiscal year, which ended on September 30, 2014. Perhaps most illustrative of the CFPB’s growth are the report’s statistics on the CFPB’s employees and funding. The report...more

Disclosure Effectiveness: ABA Business Law Section Committees Suggest Financial Reporting Revisions

In response to the SEC’s request for input on how to improve the effectiveness of public company disclosure, the American Bar Association’s (ABA’s) Business Law Section’s Federal Regulation of Securities and Law and...more

Securities Enforcement Forum 2014 — Financial Reporting and Accounting Fraud

Today I’m blogging from Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, this year being held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not...more

Finance Releases Annual Financial Report for 2013-14

The Department of Finance has released the “Annual Financial Report of the Government of Canada Fiscal Year 2013–2014?. Highlights include: - The Government posted a budgetary deficit of $5.2 billion for the fiscal...more

New Hospice Cost Report Released: Effective for Cost-Reporting Periods Beginning Next Week

On August 29, 2014, the Centers for Medicare and Medicaid Services (“CMS”) released the final version of the new Medicare cost report, Form CMS 1984-14, applicable to freestanding hospice providers. Freestanding hospice...more

Lawful but Awful: Red Cross Says Hurricane Sandy Distributions Are Trade Secrets

While the term “trade secret” generally makes people think of Coca-Cola’s secret formula, software source codes, or company client lists, trade secret law has evolved to include everything from proprietary formulae to...more

PCAOB Focuses on Cybersecurity at Standing Advisory Group Meeting

Panelists at the PCAOB’s June 25 Standing Advisory Group Meeting discussed cybersecurity and the potential implications for financial reporting and auditing. Some of the highlights from the panel include the following...more

The Countdown is On for the Delaware Voluntary Disclosure Program

The deadline is quickly approaching for participation in the Delaware Secretary of State’s Unclaimed Property Voluntary Disclosure Program. Businesses have until June 30, 2014, to enroll in the program, and another year to...more

PCAOB Member Disputes Audit Firms’ Tales

Jeanette M. Franzel, PCAOB Board Member, recently gave her views on the PCAOB’s requirements. Ms. Franzel noted the PCAOB has heard that in response to some recent changes, some issuers have expressed concerns about the...more

Corporate and Financial Weekly Digest - Volume IX, Issue 10

In this issue: - FINRA Requests Comment on Proposed Rule Set for Limited Corporate Financing Brokers - SEC Issues No-Action Relief to Broker Dealers from Financial Responsibility Rule 15c3-3 Amendments -...more

SEC Enforcement Update - The SEC Speaks in 2014: Beware the Data Crunchers

Even more notable to securities practitioners than the attendance of Mark Cuban at this year’s SEC Speaks event (held in Washington, D.C. on February 21 22, 2014) was the start-to-finish focus of the Enforcement Division on...more

The SEC’s Financial Fraud And Accounting Task Force

The SEC likes to reorganize, refocus and reenergize. In the last ten years, the SEC has continued to reinvent itself. Whether it has been effective or not, is still up for questioning....more

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