SEC staff continues to admonish companies on problematic use of non-GAAP measures
by Cydney Posner In remarks today before the 2016 Baruch College Financial Reporting Conference, SEC Deputy Chief Accountant Wesley Bricker discussed one of the SEC’s topics du jour, non-GAAP reporting. Recently, the SEC and staff (Chair White, Chief Accountant James Schnurr, Corp Fin Director Keith Higgins) have been barnstorming the […]
SEC adopts final rule amendments completing rulemaking mandate under the JOBS Act
by Cydney Posner Yesterday, the SEC adopted final rule amendments to implement certain sections of the JOBS Act and the FAST Act. The amendments were adopted substantially as proposed in December 2014 (and once again without holding an open SEC meeting). The amendments revise SEC rules to reflect the new, […]
OECD issues New Edition of OECD Due Diligence Guidance on conflict minerals and declassifies Report on Implementation of Guidance
by Cydney Posner Just in time for those Forms SD and conflict minerals reports, due May 31, the OECD has posted a new edition of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, Third Edition. The third edition states that it “provides […]
2016 Global Board of Directors Survey highlights differences in viewpoints between male and female directors, particularly regarding diversity
by Cydney Posner The inaugural 2016 Global Board of Directors Survey of more than 4,000 directors of both public and large, privately held companies from 60 countries conducted by Spencer Stuart, the WomenCorporateDirectors (WCD) Foundation and several academics explored “in depth how boards think and operate,” comparing the views of […]
Ethics and Compliance Initiative provides guidance on establishing high quality E&C programs
by Cydney Posner The Ethics and Compliance Initiative has released a report of its blue ribbon panel on the Principles and Practices of High-Quality Ethics & Compliance Programs, designed to provide practical guidance for companies that want to establish high-quality programs – effective programs that involve more than just “check-the-box” […]
Taking on “management review controls”
by Cydney Posner In a speech at the end of 2015 to the AICPA National Conference on Current SEC and PCAOB Developments, SEC Chair Mary Jo White emphasized that “it is hard to think of an area more important than ICFR [internal control over financial reporting] to our shared mission of providing […]
How do activists get corporate boards to focus on climate change issues? Talk softly and carry a big stick
by Cydney Posner With today’s signing of the Paris climate change accord, one question that now arises is how do activists get corporate boards to focus on climate change issues? They talk softly and carry a big stick. And, according to this article in BNA Accounting Policy and Practice, that […]
Equilar report on trends in director stock ownership guidelines
by Cydney Posner The consulting firm Equilar has recently issued a Report on its study of trends in the design and prevalence of director stock ownership guidelines among Fortune 100 companies. The study looked at the fiscal years 2012, 2013 and 2014. Stock ownership guidelines typically require directors to own […]
With a 341-page concept release, the SEC seeks to simplify and modernize the business and financial disclosure requirements of Reg S-K
by Cydney Posner The SEC has issued a new concept release, as part of its Disclosure Effectiveness Initiative, seeking comment on modernizing certain business and financial disclosure requirements in Reg S-K. The release, which weighs in at a hefty 341 pages, focuses on business and financial disclosures in periodic reports […]
Tweet your 10-K? SEC votes to issue concept release to modernize Reg S-K
by Cydney Posner At an open meeting this morning, the SEC (all three of them) voted to issue a concept release seeking comment on modernizing certain business and financial disclosure requirements in Reg S-K, part of the SEC’s disclosure effectiveness review project. Reg S-K is 30 years old, and evolving […]
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