SEC 'Financial Reporting Series' to Focus on Early Identification of Risks to the Financial Reporting System
In remarks at USC's 30th Annual SEC and Financial Reporting Institute, SEC Chief Accountant Jim Kroeker announced that the SEC will launch a series of roundtables "to facilitate a balanced discussion of existing pressures or emerging issues in financial reporting." The roundtables, entitled the "Financial Reporting Series," are expected to be held three times per year. They will be open to the public, and webcast.
Objective: Early Identification of Risks
The objective of the Financial Reporting Series, said Kroeker, is to "assist us in our early identification of risks related to, as well as areas for potential improvements in, the reliability and usefulness of financial reporting to investors."
The first such roundtable, said Kroeker, is "expect[ed] ...to be held later this year," and will focus on "a topic such as the role of uncertainty in financial reporting and whether [the] right level of information about uncertainty is being provided."
It appears the Financial Reporting Series, focused on the early identification of risks to the financial reporting system, dovetails neatly into the role of the newest Deputy Chief Accountant to join the OCA team - Mike Starr.
As noted in the SEC's press release issued last fall when Starr, former Chief Operating Officer of Grant Thornton Int'l, was hired in the newly created position of Deputy Chief Accountant for Policy Support and Market Monitoring: "In this role, Mr. Starr will serve as the Chief Accountant's liaison on projects and activities to improve the quality of accounting and auditing policy decisions and to identify and address potential financial reporting weaknesses and risks. Mr. Starr also will advise the Chief Accountant and the Office on highly complex topics."
Other topics covered in Kroeker's USC speech included convergence, private company standard-setting, auditor regulation, and more. Read additional highlights from his speech, including further analysis of the Financial Reporting Series, here.