News & Analysis as of

Securities and Exchange Commission (SEC) Financial Accounting

Latham & Watkins LLP

Recent Developments for Directors - August Edition

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Last month, the SEC announced another enforcement action emphasizing the need for early disclosure of cybersecurity events. In the recent action, the company had taken three weeks to act on internal alerts of malware on its...more

Holland & Knight LLP

Called to Account: SEC's Latest Internal Accounting Controls Action Reignites Debate

Holland & Knight LLP on

Several years ago, the U.S. Securities and Exchange Commission (SEC) issued an order against a public company that raised more than a few eyebrows. In that order, the company settled to violations of Section 13(b)(2)(B) of...more

WilmerHale

SEC Chief Accountant Shines a Spotlight on ICFR and Risk Assessments

WilmerHale on

On Friday, SEC Chief Accountant Paul Munter released a public statement in which he expressed concerns about the risk assessment process of both auditors and management. As a possible harbinger of things to come, the...more

Morgan Lewis

New FASB Standards Mandate Disclosure of Reverse Factoring Programs

Morgan Lewis on

Due to new standards issued by the Financial Accounting Standards Board (FASB) in late 2022, companies with supply chain financing are now required to comply with additional disclosures intended to monitor and understand the...more

Mayer Brown Free Writings + Perspectives

SEC Accounting Standard Setting Statement

The SEC’s Chief Accountant Paul Munter, released a statement “Accounting Standard Setting in a Rapidly Evolving Business Environment: A Focus on the Timely Delivery of Investor Priorities,” discussing improvements to...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: May 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

WilmerHale

SEC Adopts SAB 120 to Address Spring-Loaded Compensation Awards

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Last week, the SEC announced the adoption of Staff Accounting Bulletin No. 120 (SAB 120), which provides guidance for companies as to how they should recognize and disclose the cost of providing “spring-loaded” awards to...more

Opportune LLP

Providing Clarity Around SEC Statement On SPAC Warrant Accounting

Opportune LLP on

Find out why the recent guidance from the SEC on how SPAC warrants are classified requires careful consideration of the specific facts and circumstances for each entity and each contract....more

Bass, Berry & Sims PLC

FASB Issues New Accounting Standards Update with Handy Video Explanation! A Call for SEC Adopting Release Videos?

Usually this blog is reserved for matters involving corporate and securities law rather than updates in the accounting standards, but the email alert from the Financial Accounting Standards Board (FASB) that I received...more

Opportune LLP

Bargain Purchases in Business Combinations: A Rarity Explained

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In the years since Financial Accounting Standard (FAS) 141 (now codified as ASC 805, Business Combinations) was implemented in 2001, most business combinations have resulted in the recognition of goodwill or have been...more

Dorsey & Whitney LLP

Bank, CFO Settle Accounting Charges with SEC

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The SEC filed settled accounting actions with a financial institution and its CFO, keyed to a restatement. The accounting issue focused on deferred tax assets and the failure to have the related reserve. In the Matter of...more

Morgan Lewis

SEC Will No Longer Require an Acquired Entity to Use “Pushdown” Accounting upon a Change in Control

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On November 18, the SEC’s Division of Corporation Finance and the Office of the Chief Accountant (the Staff) rescinded Topic 5.J. of the Staff Accounting Bulletin Series. Topic 5.J. required an SEC registrant that became...more

Ballard Spahr LLP

SEC Task Force Scrutinizing Non-GAAP Measurements

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A new Financial Reporting and Audit Task Force formed by the Securities and Exchange Commission is scrutinizing companies’ use of measurements that do not comply with generally accepted accounting practices (GAAP), according...more

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