The Securities and Exchange Commission has put convergence of U.S. and international accounting standards back on the agenda, after months of silence and suspicions that new Commission leadership might abandon the idea. Speaking at a conference in New York on Sept. 17, SEC Chief Accountant James Kroeker said convergence of U.S. Generally Accepted Accounting Principles […]
Melissa Klein Aguilar
Posted inFrom the Archive
SEC, FSA Talk Common Reporting for Hedge Funds
Efforts to step up cross-border cooperation continue, with the Securities and Exchange Commission and its counterpart in the United Kingdom eyeing common reporting approaches for hedge funds. Following a meeting between the two agencies last week, Securities and Exchange Commission Chairman Mary Schapiro and U.K. Financial Services Authority Chief Executive Hector Sants announced plans to […]
Posted inAccounting & Auditing
FCIC: Hearings by December
The independent commission investigating the financial crisis will begin holding hearings by December, according to its chairman. The Financial Crisis Inquiry Commission, led by former California State Treasurer Phil Angelides, held its first public meeting on Sept. 17. The 10-member Commission, created by the Fraud Enforcement and Recovery Act, will hold hearings on more than […]
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SEC Chief Accountant: Convergence a Top Priority
The Securities and Exchange Commission’s proposed roadmap for the U.S. adoption of International Financial Reporting Standards appears poised to emerge from the deep freeze. A top SEC official hinted that the proposal will see some sort of action soon, although exactly what is unclear. Speaking Sept. 17 at an SEC conference sponsored by the New […]
Posted inRisk Management
SEC Creates Risk, Strategy, Financial Innovation Sector
In the latest installment of its post-Madoff reforms, the Securities and Exchange Commission has created a new division aimed at identifying developing risks and trends in the financial markets. The new Division of Risk, Strategy, and Financial Innovation, led by University of Texas law professor Henry T. C. Hu, combines the Office of Economic Analysis, […]
Posted inAccounting & Auditing
Financial Crisis Inquiry Commission to Meet
The independent commission tasked with investigating the financial crisis is set to hold its first open meeting on Sept. 17 in Washington. As previously reported, the Financial Crisis Inquiry Commission was created under the Fraud Enforcement and Recovery Act passed in May to examine the domestic and global causes of the current U.S. financial and […]
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New SEC Compliance & Disclosure Interpretations Posted
The staff of the Division of Corporation Finance has published a flurry of new and revised Compliance and Disclosure Interpretations updating its interpretations relating to the Securities Act rules, Regulation S-K, Exchange Act Form 8-K, Regulation S-T, Regulations 13D and 13G, and Schedules and interactive data. The C&DIs, posted on Sept. 14, include new questions […]
Posted inTechnology
The Results Are in on First XBRL Filings
Corporate America has finally begun filing financial statements tagged in XBRL technology—and the mandate once hailed by the Securities and Exchange Commission as a transformational event in financial reporting has passed with little fanfare. The SEC’s mandate formally went into effect this summer, ordering the nation’s largest public registrants to start using XBRL technology for […]
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Global Integrity Survey: Measuring Integrity Effectiveness
For all the time and money corporations spend designing and building a compliance program that fits their needs, after that comes the equally important follow-up question: How do you determine whether your carefully crafted program actually works? The 2009 Global Integrity Survey, a joint research project of Compliance Week and compliance service provider Integrity Interactive, […]
Posted inUncategorized
Ramifications of a Seaboard Policy for Individuals
Companies, corporate executives, and their lawyers will want to keep a close watch on efforts underway at the Securities and Exchange Commission to foster individual cooperation. SEC Enforcement Director Robert Khuzami has proposed creating a “Seaboard standard” for individuals, modeled after a policy the SEC adopted in 2001 that set forth the Commission’s expectations for […]
