All SEC articles – Page 73
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Blog
DoJ sends clear signal in the LATAM/LAN FCPA enforcement action
A recent Foreign Corrupt Practices Act case found LATAM Airlines Group shouldering a heavy burden, paying out approximately $22.2 million in penalties. The significant costs, notes Tom Fox, seems to imply the Justice Department’s FCPA Pilot Program is working.
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Accounting leaders advocate looking at non-GAAP accounting measures
As the Securities and Exchange Commission continues its focus on use of non-GAAP accounting measures, accounting experts are advising companies to take a look at their internal controls and assure they are appropriate. Tammy Whitehouse reports.
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Article
Despite SEC approval, inline XBRL filings still provide challenges
Is the cure worse than the disease? That’s what some compliance officers are wondering as inline XBRL, a method to help facilitate the harmonization between XBRL and HTML formats for machine-readable financial data, might just be adding one more complication to an already complicated process. Tammy Whitehouse has more.
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SEC proposes new disclosure rules for broker-dealers
The Securities and Exchange Commission was busy this week: disclosure rules for broker-dealers; simplification of disclosure requirements; changes to administrative proceedings … Jaclyn Jaeger has the Commission rundown.
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SEC proposes to simplify disclosure requirements
The SEC this week voted to propose amendments to eliminate redundant, overlapping, outdated, or superseded provisions, in light of subsequent changes to disclosure rules, accounting principles, and technology. The SEC is also soliciting comment on certain disclosure requirements that overlap with U.S. GAAP to determine whether to retain, modify, eliminate ...
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SEC adopts changes to administrative proceedings
The SEC this week adopted amendments updating its rules of practice governing its administrative proceedings. After careful consideration of the comments received, the SEC adopted final amendments that, among other things, would adjust the timing of administrative proceedings and give parties additional opportunities to take depositions of witnesses. Jaclyn Jaeger ...
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DoJ to everybody on FCPA prosecutions: We can make this all go away, you know
Just how serious is the Justice Dept. about making life easier if you comply fully with its FCPA violation investigations? Johnson Controls Inc. was caught dead to rights on egregious fraud—but, by cooperating with the DoJ, it managed to secure a declination to prosecute. Tom Fox reports.
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AICPA offers views on revenue recognition implementation issues
In the ongoing quest for consistent interpretations of the new revenue recognition standard, task forces at the American Institute of Certified Public Accountants have issued several new papers for public comment.
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Quality group proposes new XBRL rules to reduce errors
XBRL U.S.’s data quality committee is developing guidance to detect and prevent inconsistencies or errors in XBRL data filed with the SEC, as it looks to improve data quality and make it more useful for analysis. Tammy Whitehouse has more.
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CAQ offers audit committees tool to assess non-GAAP use
The Center for Audit Quality has created a tool to help audit committees navigate the thicket of questions they should be asking in light of increased scrutiny of corporate use of non-GAAP accounting measures. Tammy Whitehouse reports.
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Volume rises on call for disclosures regarding accounting changes
With the second quarter rapidly coming to a close for calendar-year public companies, now might be a good time to take a fresh look at how much the company is saying about its plans to adopt new accounting standards. The call for incrementally more information is getting louder. Tammy Whitehouse ...
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SEC charges four companies for oil and gas fraud
The SEC has charged four companies and eight individuals in an $80 million oil and gas fraud orchestrated by a man who calls himself the “Frack Master” for his purported expertise in hydraulic fracturing. Jaclyn Jaeger reports.
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FASB proposes another tweak to consolidation rules
Even as new rules on consolidation take hold in 2016, the Financial Accounting Standards Board is proposing a tweak to the guidance, and it might propose more change in the future. Tammy Whitehouse has more.
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Valuation framework seeks to define ‘how much’ is enough
The valuation profession is looking for more feedback on an idea to develop some new performance criteria, a proposal that should make those in the financial reporting supply chain sit up and take notice. Tammy Whitehouse has more.
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Blog
Use of non-GAAP grows in proxy statements
According to new information from Audit Analytics, recent statements and papers from regulators and advisory firms suggest a lack of compliance with non-GAAP accounting rules could be perceived as a key regulatory risk.
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Compliance front and center
The SEC and Justice Department have made it clear that it will no longer be adequate for companies merely to have a compliance program in place; it must actually be taken seriously from within and given the power and resources to do its job. Tom Fox explores.
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Article
Heightened scrutiny, increased documentation & a harsh new normal for internal controls
As auditors require more information from companies, and companies push back against what they feel are excessive demands for details, a consensus that works for everybody remains elusive. Tammy Whitehouse has more.
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Blog
SEC issues order permitting Inline XBRL
The SEC is now allowing companies to comply with their XBRL filing requirement by integrating tagged data into HTML filings, hopeful that companies will take advantage of the voluntary allowance to improve the quality of data and perhaps even reduce the cost of compliance. Tammy Whitehouse has more.
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SEC: two FCPA cases result in non-prosecution agreements
The SEC has entered into non-prosecution agreements with Akamai Technologies and Nortek that will forfeit ill-gotten gains connected to bribes paid to Chinese officials by foreign subsidiaries. Simultaneously, the Justice Department closed its investigations into Akamai and Nortek. Jaclyn Jaeger reports.
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ArticleSpotting the difference between ‘significant deficiency’ and ‘material weakness’
Material misstatements involve mistakes large enough, surely, to involve some kind of internal control shortcoming that allowed the misstatement to occur in the first place. So why aren’t more internal control reporting and auditing processes helping to identify control lapses in advance of material misstatements? Tammy Whitehouse explores.