All SEC articles – Page 78
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Blog
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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Blog
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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Blog
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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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.
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SEC offers views on adopting new lease rules
Getting a jump start on adopting the new accounting requirements for leasing? Good news: According to the SEC, companies will need to apply the rules to just the three years presented in the complete set of financial statements, not the five years worth of selected data provided in the financial ...
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Transparency penalty? Companies pondering revenue adoption, beware
Companies that are considering how they will adopt the new revenue standard should take into account whether they might expect to access the capital markets in a stock offering anytime soon after putting the new accounting to work. It could affect just how much revenue they’ll need to restate. Tammy ...
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Article
Discussing the many facets of disclosure effectiveness
The SEC is seeking comment on nearly 350 questions regarding the Commission’s Regulation S-K effectiveness review. At last week’s Compliance Week conference, Karen Garnett of the Division of Corporate Finance headlined a panel discussion on the process thus far. Joe Mont has more.
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Blog
SEC issues new guidance on use of non-GAAP accounting
The SEC has updated its Compliance & Disclosures Interpretations guidance with a dozen new Q&As focused on how companies might report financial information outside the realm of Generally Accepted Accounting Principles without also running afoul of financial reporting requirements. More from Tammy Whitehouse.
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SEC approves PCAOB rule on naming engagement partners
The SEC has given final approval to a PCAOB rule requiring audit firms to complete a new filing on Form AP to provide the name of the engagement partner on each audit engagement. Meanwhile, Tammy Whitehouse reports, the PCAOB is attempting once again to expand the audit report.
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Article
The relentless growth of non-GAAP reporting is a problem
The use of non-GAAP reporting has ebbed and flowed over the years, but a recent increase in the practice is starting to raise questions as to whether or not the SEC will have to get involved before things get out of hand. Tammy Whitehouse reports.
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The SEC asks Novartis, ‘Haven't we met before?’
After settling an FCPA enforcement brought by the SEC in March, Novartis is now under criminal investigation in South Korea for alleged illegal payments to physcians. Should the SEC reopen its investigation?