Category: Accounting and Auditing

SEC issues concept release regarding potential additional audit committee disclosures

by Cydney Posner The SEC hasn’t issued a concept release since 2011, but that’s changed now with the posting of this concept release regarding possible revisions to audit committee disclosures (foreshadowed in this post). The concept release seeks public comment on possible new reporting requirements focused on the audit committee’s  responsibilities […]

SEC proposes clawback rules

by Cydney Posner At an open meeting this morning, the SEC voted, three to two, to propose rules implementing Section 954 of Dodd-Frank, the clawback provision. Both Commissioners Gallagher and Piwowar voted against the proposal. As you may recall, Section 954 required the SEC to direct the national securities exchanges […]

Tools for Audit Committee Members

by Cydney Posner The Audit Committee Collaboration (ACC) has announced the release of new tools, the External Auditor Assessment Tool: A Reference for Audit Committees Worldwide and an updated U.S. version of the External Auditor Assessment Tool, both designed to assist audit committees in evaluating the external auditor, to assess the quality […]

SEC to consider requiring disclosure of audit firm tenure and name of engagement partner

by Cydney Posner The SEC is expected to issue its concept release on improving audit committee reports “soon” (whatever that means) according to Compliance Week, and among the topics the SEC will examine is whether those “reports should include the audit firm’s tenure and the name of engagement partners.”  If this […]

Are non-GAAP financial measures coming under renewed scrutiny?

by Cydney Posner Potential misuse of non-GAAP financial measures may be causing some consternation once again…in the press at least. In the wake of the Enron scandal and the dot-com bust in 2003, the SEC adopted Reg G and related amendments to Reg S-K to prevent public disclosure of misleading […]

Will we see any big changes resulting from the SEC’s disclosure effectiveness project?

by Cydney Posner Let’s just say that no one at the meeting of the SEC’s Advisory Committee on Small and Emerging Companies yesterday morning had anything nice to say about the SEC’s current disclosure regime, no matter where they sat—as a reporting company, as a banker, as an investor.  Particularly […]

An end to IFRS in the U.S.?

by Cydney Posner On May 7, in remarks before a financial reporting conference in NYC, the SEC’s Chief Accountant, James Schnurr, signaled the end of the SEC’s efforts to converge International Financial Reporting Standards  (IFRS) with U.S. GAAP.  When Schnurr joined the SEC in October, he said, SEC Chair Mary Jo […]