SEC proposes updating disclosure requirements

The commission seeks to eliminate outdated and unnecessary provisions.

The SEC voted to propose amendments designed to update and simplify the commission's disclosure requirements.

The proposed amendments are part of the SEC's broad-based review of the effectiveness of its disclosure requirements and the presentation and delivery of disclosures that companies make to investors. The commission is required to eliminate provisions of Regulation S-K that are duplicative, overlapping, outdated, or unnecessary.

The proposal's objective is to eliminate redundant, overlapping, outdated, or superseded provisions in light of changes to SEC disclosure requirements, U.S. GAAP, IFRS, and technology. In addition, the SEC is seeking comment on certain disclosure requirements that overlap with U.S. GAAP to determine whether to retain, modify, eliminate, or refer them to FASB for potential incorporation into U.S. GAAP.

"The proposed amendments address outdated and redundant disclosure requirements while continuing to require companies to provide investors with what they need to make informed decisions," SEC Chair Mary Jo White said in a news release.

The proposal would primarily apply to public companies, including foreign private issuers. But it also would involve requirements that apply to other entities the SEC regulates, including Regulation A issuers, investment companies, broker-dealers, and nationally recognized statistical rating organizations.

Public comments will be accepted for 60 days following publication of the proposal in the Federal Register.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.