SEC Trends & Developments

Articles May 19, 2013 SEC Trends & Developments - Spring 2013 - Accounting Standards Update

Accounting standards update. The FASB and IASB have reached tentative decisions on certain revenue recognition disclosure issues. Effective dates for revenue recognition guidance. Liabilities and a consensus of the FASB Emerging Issues Task …

Articles December 27, 2012 SEC Trends & Developments - Winter 2012 - PCAOB Adopts Auditing Standard No. 16, Communications with Audit Committees

The PCAOB adopted a new Auditing Standard regarding communications With audit committees. It was approved by the SEC. One objective of the new standard is for the auditor to communicate to the audit committee the auditor's responsibilities related to…

Articles December 27, 2012 SEC Trends & Developments - Winter 2012 - Latest Comments from the Commission

Recent SEC Comment Letters. A public company auditor is required to undergo regular PCAOB inspections to assess its compliance in connection with its audits of financial statements filed with the SEC. The Public Company Accounting Oversight Board is …

Articles July 24, 2012 SEC Trends & Developments - Summer 2012 - Accounting Standards Update

Accounting standards update the FASB’s resources have been dedicated to joint projects with the IASB, with a goal toward convergence with IFRS. The IASB has tentatively decided to add a 3rd category for classification of debt instruments which result…

Articles August 01, 2011 SEC Trends & Developments - Summer 2011 - An Update On International Financial Reporting Standards

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) Convergence Project. Almost a dozen joint pronouncements are designed to improve U.S. and international accounting standards. The Boards (FASB and…

Articles August 01, 2011 SEC Trends & Developments - Summer 2011 - Recent SEC Enforcement Actions

Recent SEC enforcement actions including a reporting company had to restate its consolidated financial statements because of improper recognition of non-billable costs and related margins on domestic managed services projects during those periods. SE…