Financial Reporting


In speeches and advisory announcements, the SEC’s chairman, Harvey L. Pitt, and chief accountant, Robert K. Herdman, lay out the commission’s plans for enhancing the accuracy and completeness of corporate financial disclosures, simplifying the standard-setting process, modernizing the financial reporting model and responding more swiftly to registrants’ requests for proactive accounting and reporting guidance. ( www.sec.gov/news/speech/spch523.htm ; www.sec.gov/news/speech/spch525.htm ; www.sec.gov/rules/other/33-8039.htm ; www.sec.gov/news/speech/spch526.htm ; www.sec.gov/pdf/33-8040.pdf )

Commissioner Laura S. Unger says in a report on regulation FD that the SEC should clarify relevant materiality issues, support greater use of technology to publicly disseminate company financial reports and analyze the regulation’s effect on the extent and quality of information available to the public. ( www.sec.gov/news/studies/regfdstudy.htm )

FASB’s emerging issues task force (EITF) releases staff announcements ( www.fasb.org/eitf/announce.html ) on accounting for rescission of the exercise of employee stock options and other technical matters not related to a numbered EITF issue and questions and answers on implementing FASB statement no. 140.

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.