In July 2020, a publicly traded pharmaceutical company entered into a settlement with the Securities and Exchange Commission, without admitting or denying findings, and agreed to pay a financial penalty relating to various...more
10/7/2020
/ Accounting Controls ,
Anti-Fraud Provisions ,
Economic Growth ,
Enforcement Actions ,
Financial Reporting ,
GAAP ,
Internal Controls ,
Pharmaceutical Industry ,
Publicly-Traded Companies ,
Regulation G ,
Securities and Exchange Commission (SEC) ,
Securities Violations
On June 23, 2020, the Division of Corporation Finance (Division) of the US Securities and Exchange Commission (SEC) issued CF Disclosure Guidance: Topic No. 9A (CF 9A), providing guidance on operations, liquidity, and capital...more
In recent remarks, the Chief Accountant noted that the Securities and Exchange Commission’s Office of the Chief Accountant (OCA) and other divisions within the SEC are monitoring the issues raised by COVID-19....more
We previously blogged about the recent AICPA conference. At the conference, representatives from the Office of Chief Accountant also shared some views regarding the discontinuation of LIBOR. The Staff of the OCA joined in the...more
12/23/2019
/ Accounting Standards ,
AICPA ,
FASB ,
Financial Instruments ,
Financial Reporting ,
Interest Rates ,
Investment Management ,
Libor ,
Loan Modifications ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC)
At the AICPA conference we have previously blogged about, the Chief Accountant explained that the SEC’s Office of the Chief Accountant (“OCA”) is led by the Chief Accountant, who serves as the principal advisor to the SEC on...more
In a recent paper titled “Damage Control: Changes in Disclosure Tone After Financial Misconduct,” authors Rebecca L. Files, Alex Holcomb, Gerald S. Martin, and Paul Mason assess how companies change the tone of their required...more
In a paper titled “The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews,” authors Miguel Euro, Jonas Hesse and Gaizka Ormazabal study the effects of the change in policy by the Securities and...more
Before the SEC shutdown, the Office of the Investor Advocate published the annual report on its activities during 2018. ...more
On December 18, 2018 the Commission published a Request for Comment on Earnings Releases and Quarterly Reports (the “Request”), which solicits public comment on both earnings releases and the frequency of periodic reporting....more
Representatives from the Office of Chief Accountant discussed new accounting standards. The Staff commented on the implementation of the new revenue recognition standard, which requires companies to provide a comprehensive...more
On Friday, the Chair of the Securities and Exchange Commission Jay Clayton, the Commission’s Chief Accountant Wes Bricker, and the Chairman of the PCAOB William Duhnke issued a statement reaffirming the significance to the...more
12/10/2018
/ Audits ,
Capital Markets ,
China ,
Cooperative Agreements ,
Financial Reporting ,
Financial Statements ,
Foreign Issuers ,
PCAOB ,
Policy Statement ,
Publicly-Traded Companies ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC)
In a recent speech, Commissioner Kara Stein addressed a number of disclosure related concerns, including cyber disclosures and ESG disclosures. Just as many of us had been reading about a decline in the number of SEC Staff...more
In an interesting paper titled “The Power of Words in Capital Markets: SEC Comment Letters on Foreign Issuers and the Impact of Domestic Enforcement,” authors Daniel Giamouridis, Kleopatra Koulikidou and Stergios Leventis...more
Even before the Trump tweet, discussions regarding interim reporting requirements for U.S. public companies had been ongoing for several years. ...more
As we previously blogged, a Trump tweet called on the Securities and Exchange Commission to undertake a study regarding the costs and benefits of quarterly versus semi-annual filings. ...more
The Securities and Exchange Commission’s Chief Accountant, Wesley Bricker, addressed attendees at a conference of the Institute of Management Accountants. ...more