Tag Archives: SEC Chief Accountant

SEC Chief Accountant addresses audit committee effectiveness

by Cydney Posner

In a recent speech at the University of Tennessee, “Advancing the Role and Effectiveness of Audit Committees,” SEC Chief Accountant Wes Bricker discusses his recommendations for — wait for it — improving the effectiveness of audit committees.  The speech addresses issues such as diversity, work overload, tone at the top, staying current, implementing new GAAP standards, internal control over financial reporting, non-GAAP measures, external auditor oversight and enhanced audit committee reporting. Continue reading

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SEC Chief Accountant addresses the new revenue recognition standard in the context of the life sciences industry

by Cydney Posner

In late March, SEC Chief Accountant, James Schnurr, delivered remarks before the 12th Annual Life Sciences Accounting and Reporting Congress.   The remarks addressed the new revenue recognition standard and internal control over financial reporting as applied in particular to life sciences companies, and also cautioned companies regarding non-GAAP financial measures. Continue reading

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Are companies making progress in preparing for the new revenue recognition standard?

by Cydney Posner

As former Corp Fin Director John White observed during the PLI Securities Regulation Institute last week, the new revenue recognition standard will represent a massive change for many companies. Perhaps with that in mind, SEC Chief Accountant James Schnurr, in an October speech before the UCI Audit Committee Summit, noted that, “the effective date of the standard will be upon us before you know it.” Continue reading

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SEC Chief Accountant advises on audit committee responsibilities

by Cydney Posner

In remarks before the UCI Audit Committee Summit at the end of October, SEC Chief Accountant James Schnurr addressed the importance of the oversight role that audit committees play, providing specific advice on inquiries that audit committee members should pursue. He focuses on four areas: the SEC’s concept release on audit committee disclosures; internal control over financial reporting; implementation of the new revenue recognition standard; and disclosure effectiveness.  (See also this PubCo post for a discussion of PCAOB recommendations for audit committees members.) Continue reading

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