Senior SEC official comments on key public reporting disclosure issues
By Ed Batts
At a recent American Bar Association meeting, a senior Securities and Exchange Commission (SEC) official reviewed various aspects of interest for public company reporting and compliance purposes. As is customary, such staff comments were on a non-attribution basis and were represented to be personal views only and not those of the SEC as a whole. Nonetheless, such informal commentary continues to offer contextual perspective on both current matters and, equally importantly, indicates areas of less current significance at the SEC.
Notably, the staff have been exceeding the Sarbanes-Oxley-mandated goal of reviewing financial statements at least once every three years. The corporate finance division has 500 members, a number that has not changed since before the adoption of Sarbanes-Oxley. The staff reviews the largest companies annually and, in the case of financial services firms, reviews multiple times per quarter.
The growing volume has led to a reduction in the sheer number of comments and an intentional emphasis on the judgment of the professional staff in both accounting and legal reviews…
If you are registered and logged in to the site, click on the link below to read the DLA Piper briefing. If not, please register or sign in with your details below.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The ATO has released its long-awaited public guidance on the Australian tax and GST treatment of bitcoin and other crypto-currencies.
Don’t forget the 23 September 2014 deadline to ensure your business associate agreements comply with the Omnibus Final Rule
Covered entities with business associate agreements that were entered on or before 25 January 2013 must revise their BAAs by 23 September 2014.
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions