Well, the long-awaited rules for disclosing executive compensation are finally confirmed—now get ready for an awful lot of paper-pushing to turn those regulatory dreams into corporate filing reality. Mueller “The overall thrust of the new rules is to require much more extensive and detailed disclosure,” says Ronald Mueller, a former Securities and Exchange Commission lawyer […]
Melissa Klein Aguilar
Posted inFrom the Archive
New Accountant At SEC; End To Earnings Guidance?
After nine months of leaving the position vacant, the Securities and Exchange Commission has finally named a new chief accountant: Conrad Hewitt, a veteran of the Ernst & Young accounting firm and former top regulator for the state of California. Hewitt will assume the post on Aug. 18, filling the slot that had been left […]
Posted inRegulatory Enforcement
Backdating Charges Jolt Companies
With the first criminal and civil charges now filed against executives accused of manipulating the timing of stock option grants, federal prosecutors and regulators have sent a stern message to companies ensnared in backdating investigations: Clean up your act, or we’ll do it for you. Reyes Last Thursday the Securities and Exchange Commission, the FBI […]
Posted inFrom the Archive
Compensation Rules Loom; XBRL Up North
The Securities and Exchange Commission is likely to vote this week on its final plans to overhaul disclosure rules for executive and director compensation, related-party transactions, director independence and related governance issues. The Commission has scheduled to hold an open meeting on July 26 to discuss the subjects, striving to keep its promise that compensation […]
Posted inFrom the Archive
10-Q Comments; Nasdaq Rules Reshuffled
A Minneapolis law firm has published a survey of comment letters from the Securities and Exchange Commission, providing a no-nonsense reminder to corporations that want to avoid headaches with their financial filings: Obey the rules, right down to the letter. The firm of Leonard, Street and Deinard reviewed a random sample of publicly available SEC […]
Posted inInternal Controls
COSO Guidance Out, But Will It Work?
At long last, guidance from COSO—that is, The Committee of Sponsoring Organizations of The Treadway Commission—on how small companies can assess and improve their internal control over financial reporting is available. Now comes the hard part: putting that guidance to work so that compliance with Sarbanes-Oxley doesn’t overwhelm non-accelerated filers next year. Taub So far, […]
Posted inInternal Controls
SEC Moves Ahead On 404 Guidance
Executives anxiously awaiting guidance from the Securities and Exchange Commission on how to assess their internal control over financial reporting will apparently have to wait a while longer. The SEC did last week issue a concept release, asking for comment on what should be included in whatever guidance it ultimately issues for companies struggling with […]
Posted inInternal Controls
SEC Moves Ahead On 404 Guidance
Executives anxiously awaiting guidance from the Securities and Exchange Commission on how to assess their internal control over financial reporting will apparently have to wait a while longer. The SEC did last week issue a concept release, asking for comment on what should be included in whatever guidance it ultimately issues for companies struggling with […]
Posted inFrom the Archive
Continuous Surveillance, U.K. Regs, More
The Securities and Exchange Commission’s inspector general has recommended that the agency’s Division of Corporation Finance implement a program of continuous surveillance for large companies, as part of a larger effort to improve the SEC’s preliminary review process. In a June 22 report on the Division of Corporation Finance’s Preliminary Review Program, the inspector general’s […]
Posted inInternal Controls
COSO Releases Final Guidance For Small Cos.
At long last, the much-anticipated guidance on how small companies should implement an effective internal control framework over financial reporting and other risks is ready for public consumption. The Committee of Sponsoring Organizations plans to release the guidance today, complete with a Webcast to review the document’s main points. Companies have been waiting since last […]