A controversial measure on so-called “conflict minerals” that has pitted human rights groups against business interests is among the regulations the SEC will consider implementing during an open meeting on Aug. 22. The SEC is considering adopting regulations that would implement Section 1502 of the Dodd-Frank Wall Street Reform and
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TOPICS / ACCOUNTING & REPORTING
SEC regulatory compliance & reporting
Financial reporting
Accounting standard setters have agreed on a lessee accounting approach, setting the stage for a lease accounting exposure draft in the fourth quarter this year. FASB and the International Accounting Standards Board (IASB) previously agreed that leases should be recorded on the balance sheet, but have been debating the
SEC names Beswick acting chief accountant
Paul Beswick, who has worked at the SEC since 2007, was named acting chief accountant. He succeeds James Kroeker, whose last major task as chief accountant was completed Friday, his last day at the SEC. Kroeker’s staff issued its report on IFRS for U.S. public companies, capping a project that
Lack of SEC decision on IFRS turns CPAs’ focus to convergence projects
As the wait for an SEC decision on IFRS continues indefinitely, CPAs can turn their international standards focus to the convergence projects on leases, revenue recognition and financial instruments, some experts say. An SEC report released Friday did not contain a recommendation on whether U.S. public companies should be allowed
SEC report offers detailed look at IFRS
As expected, an SEC report released Friday did not contain a recommendation on whether U.S. public companies should be allowed or required to adopt IFRS for their financial reporting. Although the long-awaited, 127-page report provides a thorough discussion of the issues regarding IFRS in the United States, the timing of
With SEC report looming, uncertainty over IFRS expected to linger
Although the release of a long-awaited SEC staff report discussing IFRS adoption is imminent, uncertainty over the issue appears certain to linger. Commission spokesman John Nester said early this week that the report on IFRS adoption for U.S. public companies is expected “soon,” but it will provide an analysis of
SEC requires listing standards for compensation committees, advisers
National securities exchanges have been directed to adopt listing standards for public company boards of directors and compensation advisers under a rule approved Wednesday by the SEC. The rule is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203. For listed companies to continue having their
SEC Chief Accountant Kroeker to step down
James Kroeker, the SEC’s chief accountant since January 2009, will step down in July to enter the private sector. Kroeker, who joined the SEC in 2007 as deputy chief accountant, served as staff director of the agency’s study of fair value accounting standards, which was mandated by Congress in 2008.
FASB makes decisions in project to define nonpublic entity
FASB made two important decisions Wednesday in its project to define a nonpublic entity. An entity that is required to file or furnish financial statements with the SEC to issue securities to be traded in a public market should not be included in the definition of a private company, FASB
SEC study probes issue of private extraterritorial securities fraud claims
A study the SEC prepared for Congress describes options for lawmakers to consider but makes no specific recommendations regarding whether private causes of action should be allowed to be extended to extraterritorial securities fraud claims. The U.S. Supreme Court held in Morrison v. National Australia Bank, Ltd., 130 S. Ct.
IFRS decision a “few” months away, based on SEC staff report timeline
An SEC decision on the use of IFRS by U.S. public companies is still a “few” months away, SEC Chief Accountant James Kroeker indicated Monday. At an IFRS Advisory Council meeting in London, Kroeker declined to get more precise because he wants the SEC staff focused on completing a report
SEC changes performance fee thresholds, net worth calculation
Investors no longer will include the value of their home in the net worth calculation that can determine whether registered investment advisers can charge them performance fees, the SEC announced Wednesday. SEC rules allow registered investment advisers to charge performance fees if the client’s assets managed by the adviser or
IASB’s Hoogervorst predicts SEC will adopt IFRS
International Accounting Standards Board (IASB) Chairman Hans Hoogervorst predicted in a speech in Moscow on Monday that the SEC will adopt IFRS for U.S. issuers. Hoogervorst doesn’t have any privileged insight regarding the SEC’s internal decision-making, according to the speech posted on the IFRS Foundation’s website. But he said that
U.S. GAAP Financial Reporting Taxonomy available for 2012
The 2012 U.S. GAAP Financial Reporting Taxonomy, which is awaiting final acceptance by the SEC, has been made available, FASB announced today. The taxonomy contains updates for accounting standards and includes other changes to the 2011 taxonomy being used by SEC issuers. The taxonomy is a list of computer-readable tags
Guidance provided on electronic health record incentives
The federal government’s promotion of electronic health records has created financial incentives for medical professionals and hospitals that make meaningful use of certified electronic health record (EHR) technology. But medical providers must comply with standards for use of the technology and properly account for the incentive payments in an area
Comment Periods for Volcker Rule, ABS Conflicts Proposal Extended
Government officials on Friday approved a 30-day extension of the public comment period for a proposal to implement regulation known as the Volcker Rule. In addition, the SEC issued the same extension for a regulation known as the ABS Conflicts Proposal. Both proposals are part of the implementation of the
Letters to SEC Show Support of Global Standards, According to Official
Comment letters to the SEC revealed support for the idea of global standards but that further progress on convergence is desired before IFRS is incorporated in the United States, according to a key SEC official. In written remarks, SEC Deputy Chief Accountant Paul Beswick said the goal of a single
SEC Won’t Decide on IFRS for At Least a Few More Months
The SEC’s decision on whether to incorporate IFRS for U.S. issuers is at least a few months away. SEC Chief Accountant James Kroeker said the SEC staff will need at least a few more months to produce a final report that would position the commission to make a determination on
Business Wire Partners With EDGAR Online for XBRL Filings
Business Wire signed a deal to use EDGAR Online’s technology to create and produce extensible business reporting language (XBRL) filings to help its customers satisfy SEC reporting requirements, according to an EDGAR Online news release. A provider of news release distribution and regulatory disclosure services, Business Wire handles XBRL tagging,
SEC Staff Reports Assess IFRS
The SEC staff on Wednesday released reports analyzing the current reporting practices of companies using IFRS and comparing U.S. GAAP and IFRS requirements in specific areas. The first report, An Analysis of IFRS in Practice, is a 65-page joint effort by the SEC’s Division of Corporation Finance and Office of
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