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Financial Reporting

Capital Markets Alert – Public Market Advocacy Groups Release Guidance

On April 27, 2018, the Securities Industry and Financial Markets Association (SIFMA), the U.S. Chamber of Commerce and Nasdaq, along with certain technology and biotechnology groups, released a policy paper titled “Expanding...more

SEC Chief Accountant Addresses 2018 Baruch College Financial Reporting Conference

by WilmerHale on

In a speech delivered at last week’s 2018 Baruch College Financial Reporting Conference, SEC Chief Accountant Wes Bricker discussed objectives of financial reporting and its importance to the markets. Mr. Bricker revisited...more

Innovation in Compliance Episode 12: How ESG Factors will Change Compliance with J.R. Lowry

by Thomas Fox on

When trying to understand the environmental, social, and governmental dimensions of a potential investment, what kind of approach will provide the clearest picture? In this episode, Tom Fox talks to J.R. Lowry, a senior vice...more

SEC Investigations: A Guide for Public Company Directors, Officers, and In-House Counsel

by Latham & Watkins LLP on

Even public companies with a strong code of conduct, an exemplary tone at the top, robust internal controls, and a culture of compliance may face allegations of misconduct that can lead to an investigation by the Division of...more

Form BE-12 – Affirmative BEA Reporting Obligation for Foreign Owned Entities

by Sullivan & Worcester on

Overview - The Bureau of Economic Analysis (the “BEA”) is a branch of the U.S. Department of Commerce that collects statistical information about the American economy. One function of the BEA is to record statistics for...more

Important May 31 Deadline for U.S. Business Enterprises with Foreign Direct Investment

by Fenwick & West LLP on

The U.S. Bureau of Economic Analysis (BEA) conducts the BE-12 benchmark survey of foreign direct investment in the United States every five years. ...more

GASB Statement No. 88 Defines Debt and Increases Disclosure Requirements for Government Financial Statements

The Governmental Accounting Standards Board issued GASB Statement No. 88 (the "Statement") in March 2018. The Statement requires increased disclosure in notes to financial statements of all state and local governments. The...more

Tax transparency and a focus on MENA financial reporting

Tax transparency standards FATCA and CRS require organizations in the Middle East and North Africa (MENA) region to ensure their financial information sharing is robust. How can they achieve timely and accurate reporting?...more

Common Reporting Standard (CRS) Reporting Avoidance Game Is Over

by Foodman CPAs & Advisors on

The Common Reporting Standard (CRS) is a reality for over one hundred Jurisdictions during 2018. The Organization for Economic Co-operation and Development (OECD) has stated that there are potential and perceived loopholes...more

Financial Services Quarterly Report - First Quarter 2018: Hong Kong SFC Publishes Consultation Proposals on Public Fund...

by Dechert LLP on

Following an initial “soft” consultation with industry participants and relevant stakeholders, the Securities and Futures Commission (SFC) launched a three-month consultation on proposed amendments to the Code on Unit Trusts...more

CAQ Releases New Non-GAAP Measures Tool for Audit Committees

by WilmerHale on

While the frequency of SEC comments on companies’ disclosure of non-GAAP measures has subsided, it remains important for audit committees to ensure their companies’ disclosures comply with applicable non-GAAP disclosure...more

Financial Reporting for Foreign Private Issuers Before the SEC

by White and Williams LLP on

Under the current rules of the US Securities and Exchange Commission (SEC), foreign issuers are allowed to use International Financial Reporting Standards (IFRS) financial statements in their registration statements and...more

Companies Must Carefully Consider ESG Disclosures Under UK Non-Financial Reporting Directive

by Latham & Watkins LLP on

Companies should conduct thorough due diligence in light of closer scrutiny from stakeholders and governmental and non-governmental bodies. Companies are facing increasing pressure to report on environmental, social, and...more

Insights from the Director of the Division of Corporation Finance

Bill Hinman, Director of the Securities and Exchange Commission’s Division of Corporation Finance delivered the keynote address at the Practising Law Institute’s annual Securities Regulation in Europe program. During his...more

Regulators Focus on Audit Quality, New Accounting Standards and Other Developments at 2017 AICPA Conference

by WilmerHale on

Always a fertile source of guidance, this year’s American Institute of Certified Public Accountants Conference on Current SEC and PCAOB Developments, held on December 4-6, was no exception. Discussions during this year’s...more

SEC Staff Provides Disclosure and Accounting Guidance in Response to Recent Tax Reform Legislation

On December 22, 2017, President Trump signed into law tax legislation commonly referred to as the Tax Cuts and Jobs Act (the Tax Bill). The Tax Bill made significant changes to corporate taxation, including, among other...more

Connecticut Insurance Department Issues Two Bulletins

by Carlton Fields on

The Connecticut Insurance Department recently issued two bulletins, both of which mandate financial reporting by insurers to the Department....more

Early Signing of Tax Bill Has Financial Reporting Implications

by Pepper Hamilton LLP on

Last week, President Trump signed H.R. 1 (New Act), the new tax bill amending the Internal Revenue Code to reduce tax rates, modify policies, credits, and deductions for individuals and businesses “to provide for...more

Blog: A Christmas Gift From The SEC Staff: Guidance On Disclosure Of The Accounting Effect Of The Tax Cuts And Jobs Act

by Cooley LLP on

On December 22, 2017, the staffs of the Office of Chief Accountant and Corp Fin issued guidance regarding disclosure of the accounting impact of the Tax Cuts and Jobs Act, just signed into law on December 22. As discussed in...more

SEC Staff Guidance Related to Tax Cuts and Jobs Act

The Staff of the Office of the Chief Accountant and of the Division of Corporation Finance issued SAB 118 in order to provide guidance for issuers as they prepare their financial statements. The staff guidance provides a...more

New Revenue Recognition Standard-Part V, What does it all mean?

by Thomas Fox on

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) for public business entities, certain not-for-profit entities, and...more

The Year of Bitcoin: Gains Subject to Tax by the IRS

by Bowditch & Dewey on

The year 2017 could be described as the year of the Bitcoin and other “virtual currencies,” with Bitcoin having appreciated 1800% since the beginning of the year and Ethereum, at one point, having appreciated 8,000% since the...more

SEC Updates Financial Reporting Manual (Again)

On December 1, 2017, the SEC’s Division of Corporation Finance updated its Financial Reporting Manual for the following changes...more

Changes to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” since 2018

by DLA Piper on

On October 05, the Law of Ukraine “On Introduction of Changes to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” (in respect of improvement of certain provisions)” No. 2164-VIII (the Law) was adopted....more

SEC Chief Accountant at the 2017 ICPA Conference on Current SEC and PCAOB Developments

On December 4, 2017, the SEC’s Chief Accountant, Wesley Bricker spoke at the 2017 AICPA Conference on Current SEC and PCAOB Developments. Highlights of Mr. Bricker’s comments include the following: ..Ongoing Priorities....more

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