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Financial Reporting

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

SEC Chairman Clayton Expects New Rules on Smaller Reporting Company Definition Soon

by Bass, Berry & Sims PLC on

We thought you may find of interest prepared remarks by SEC Chairman Jay Clayton at the annual Government-Business Forum on Small Business Capital Formation held on November 30, 2017, where he stated, “In the coming months I...more

Blog: New Guidance From Corp Fin Related To Adoption Of New Accounting Standards

by Cooley LLP on

Corp Fin recently revised some of the guidance in its Financial Reporting Manual related to adoption of new accounting standards. One revision relates to the adoption of a new accounting standard in the context of a...more

Commodity Futures Trading Commission Issues No-Action Relief to Swap Execution Facilities from Timing Requirements for Certain...

by Shearman & Sterling LLP on

The Commodity Futures Trading Commission Division of Market Oversight has issued no-action relief to Swap Execution Facilities and their chief compliance officers from certain timing requirements regarding annual compliance...more

Governance & Securities Law Focus: Latin America Edition - November 2017

by Shearman & Sterling LLP on

This newsletter provides a snapshot of the principal US and selected international governance and securities law developments during the third quarter of 2017 that may be of interest to Latin American corporations and...more

“Don’t Be Afraid to Ask.” SEC Staff Ready to Respond to Rule 3-13 Waiver Requests from Registrants

At the PLI Securities Regulation Institute, Mark Kronforst, the SEC’s Division of Corporation Finance (“Corp Fin”) Chief Accountant, reminded registrants that the SEC is willing to consider and process Rule 3-13 waiver...more

SEC Sees Fewer Filed Cases in 2017, But Signals Aggressive Enforcement Ahead in Financial Reporting, Cybersecurity and Other Key...

by Fenwick & West LLP on

After a record-breaking fiscal year 2016, the Securities and Exchange Commission’s Enforcement Division had a somewhat quieter year, at least in terms of the number of actions filed. The Enforcement Division released its...more

ESMA Updates MiFIR Data Reporting Q&As

The European Securities and Markets Authority (“ESMA“) published an updated version on November 14, 2017, of its Q&As on data reporting under the Markets in Financial Instruments Regulation (Regulation 600/2014)...more

SEC Chief Accountant Offers Guidance to Audit Committees During Period of Change

by WilmerHale on

In a November 14 speech at the Financial Executives International 36th Annual Current Financial Reporting Issues Conference, SEC Chief Accountant Wesley Bricker commented on a range of topics, including effective financial...more

European Commission Consults on Measures to Address Non-Performing Loan Build-Up in the EU

by Shearman & Sterling LLP on

The European Commission has launched a consultation on proposals for statutory prudential backstops to address insufficient provisioning for newly originated loans that turn into non-performing loans. Since the 2007/08...more

SEC Chief Accountant Gives Speech on Effective Financial Reporting in a Period of Change

On November 14, 2017, SEC Chief Accountant Wesley R. Bricker gave remarks before the Financial Executives International 36th Annual Current Financial Reporting Issues Conference: Effective Financial Reporting in a Period of...more

Bill 27: Expansion of the Conflicts of Interest Act to Public Agencies

by Field Law on

Bill 27 passed first reading in the Alberta Legislature on November 8, 2017. If passed, the legislation will amend the Conflicts of Interest Act (the "Act"), and expand its coverage to include public agencies, boards and...more

Tennessee Revises Rules Regarding Captive Insurance Companies

by Carlton Fields on

The Tennessee Department of Commerce and Insurance has substantially revised its rules for captive insurance companies. Significant changes include...more

COSO Framework: Fraud, Corruption and Compliance (Part I of II)

by Michael Volkov on

Global companies need to actively work to prevent fraud and corruption. Fraud and corruption go hand-in-hand. To commit bribery, bad actors have to gain access to money for unauthorized (illegal) purposes. A failure to...more

SEC Approves New PCAOB Auditing Report Standard

On October 23, 2017, the Securities and Exchange Commission (“SEC”) unanimously approved (the “Approval Release”) the Public Company Accounting Oversight Board’s (“PCAOB”) proposal to adopt a new auditing standard, AS 3101,...more

CCOs and CFOs: Bringing Everyone Together

by Michael Volkov on

Chief compliance officers are politicians and have to possess great interpersonal skills. They have to “get along” and persuade key constituencies — most especially their business partners – to commit and devote time and...more

OTA & Travel Distribution Update - Oct. 27th, 2017

by Garvey Schubert Barer on

This week’s OTA & Travel Distribution Update for the week ending October 27, 2017 is below. This week's Update includes a number of substantive stories on OTAs, particularly, European authorities’ renewed interest in OTAs’...more

GASB 77 - What Is It, And How Can We Prepare?

What is GASB 77 and why does it exist? GASB 77 is an accounting pronouncement applicable to the financial statements of state and local governments. In order for their financial statements to be prepared in accordance with...more

SEC Staff Issues New C&DIs Regarding Non-GAAP Measures in Business Combination Context

On October 17, 2017, the Staff of the Securities and Exchange Commission (SEC) issued new Non-GAAP Financial Measures Compliance and Disclosure Interpretations (C&DI) that clarify when financial forecasts used in connection...more

Owner Beware: Changes Coming for Recognizing Revenue under Online Travel Agency (OTA) Contracts

by Garvey Schubert Barer on

Revenue is an important indicator of a hotel property’s financial health. It is used to analyze and interpret financial results using key industry operating metrics ( i.e., average daily rate [ADR] and revenue per available...more

Governance & Securities Law Focus: Asia Edition - October 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. Please see...more

SEC Issues Guidance on Non-GAAP Financial Measures in Business Combination Projections

by Ropes & Gray LLP on

On October 17, 2017, the SEC’s Division of Corporation Finance issued new guidance clarifying the circumstances under which financial forecasts included in registration statements, proxy statements or tender offer statements...more

Are You Ready for "New GAAP" Revenue Recognition? SEC Disclosure Considerations

by Jones Day on

"NEW GAAP" REVENUE RECOGNITION - In 2014, the U.S. Financial Accounting Standards Board ("FASB") issued new revenue standards under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers...more

The Root Compliance Problem: “Shadow Process”

by NAVEX Global on

Sometimes I revisit my compliance roots in the world of Sarbanes-Oxley – a place much more concerned with financial reporting than corporate ethics and culture, I know. Yet lessons from one group that can help the other still...more

SEC Chief Accountant Gives Remarks on Initial Coin Offerings

On September 11, 2017, SEC Chief Accountant Wesley Bricker gave a speech at the AICPA National Conference on Banks & Savings Institutions titled “Advancing High-Quality Financial Reporting in Our Financial and Capital...more

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