SEC

Tax

Disney employee finds out the hard way: Insider trading doesn’t pay

Disneyland may be the happiest place in the world, but one Disney employee and her boyfriend are not smiling.
Tax

More whistleblowers needed, organizational transgression appears to be growing

Whistleblowers are still a major source for uncovering fraud and wrongdoing within companies, but being a whistleblower is a difficult, arduous process with an uncertain conclusion.
Tax

Lehman update: SEC, FASB to review repo accounting rules

The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.
A&A

SEC opens broad inquiry into accounting for repurchase transactions

Chief financial officers from 24 financial institutions received a Dear CFO letter from the chief accountant of the SEC last week asking for detailed information about their accounting for repurchase agreements.
Community News

SEC's Office of the Chief Accountant selects accounting fellows

The Securities and Exchange Commission's Office of the Chief Accountant recently has selected eight professional accounting fellows for two-year terms beginning in 2010.
Community News

Crowe Horwath takes first place in Public Accounting Report's SEC audit rankings

Public Accounting Report named Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., the winner of its annual analysis of auditor changes for SEC entities.
A&A

Opinion: SEC IFRS support not all it's cracked up to be

The SEC has announced its support for a single set of high-quality, globally accepted accounting standards as well as for the ongoing convergence of GAAP and IFRS. What does this mean for U.S. accountants? Nothing.
A&A

The SEC approves Work Plan to assess U.S. adoption of global accounting standards

The SEC has approved a Work Plan that would aid the Commission as it evaluates the impact that the use of IFRS would have on the U.S. securities market.
A&A

SEC mulls further measures against naked short sales amid criticism from lawmakers

The SEC once again tackled naked short selling issues as a panel of experts at its “roundtable” on short selling looked at a possible requirement to pre-borrow shares before selling them short, a procedure also known as “hard-locate.”

SEC gives initial approval to measure on pay transparency

The SEC voted unanimously in favor of putting out a rule that would require all public companies to disclose more about executive compensation and corporate governance that might affect their risk management. "The turmoil in the markets during the past 18 months has demonstrated the importance of ensuring that activities that materially contribute to a company's risk profile are fully disclosed to investors," SEC chairman Mary Schapiro said in introducing the measures.

AICPA comments on SEC proposed IFRS roadmap

The American Institute of Certified Public Accountants has submitted its comments to the Securities and Exchange Commission's proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Reporting Standards by U.S. Issuers.
Tax

Claiming a Warren Buffett connection couldn't save these investment bad guys

The Securities and Exchange Commission has obtained an emergency court order to halt an ongoing scheme by a Palmdale, CA company and two individuals who defrauded investors through a series of false claims including that Warren Buffett is associated with the company.The SEC alleges that International Realty Holdings, Inc. (IRH), Ottoniel Medrano, and Leticia Isabel Medrano raised hundreds of thousands of dollars from investors in several states since October 2008. Ottoniel Medrano is a prison guard at California City Correctional Center.
Tax

SEC freezes assets of Chicago-area investment advisor

The Securities and Exchange Commission has obtained an emergency court order freezing the assets of a Chicago-area investment adviser and two of its principals who are alleged to have misappropriated more than $4 million in client assets by transferring them to third parties, and incorrectly reported the net asset and other investment values to investors.The SEC charged The Nutmeg Group LLC, owner and managing member Randall Goulding, and chief compliance officer David Goulding for misappropriating client assets, making misrepresentations to their clients, failing to comply with Nutmeg's cu

New SEC Chairman Shapiro vows to protect investors

The Securities and Exchange Commission has sworn in Mary L. Schapiro as the 29th Chairman of the SEC. "Seventy-five years after this great agency was founded, the SEC must play a critical role in rebuilding investor confidence, reviving our markets, and rejuvenating our economy," said Chairman Schapiro. "I'm honored and grateful to be entrusted with leading this agency during such an important time – when the SEC must effusively be the investor's advocate.

SEC releases final rules mandating XBRL

The U.S. Securities and Exchange Commission has approved final rules which require companies to submit Financial Statements in XBRL format with their SEC filings.The American Institute of Certified Public Accountants supports the use of XBRL in Financial Statement reporting and believes that tagged data will provide investors and other users of financial information easier access to more transparent data in company reports."We are grateful to SEC Chairman Chris Cox for his great leadership with this proposal to enhance transparency in U.S.

Municipal bond investors will have access to more investment information

The Securities and Exchange Commission has announced that it has unanimously approved measures that will shine more light than ever before on the municipal securities market by tapping the power of the Internet. For the first time, investors will have a free, one-stop way to find municipal bond information online to help them make investment decisions.The SEC has worked with the Municipal Securities Rulemaking Board (MSRB) to correct a glaring deficiency in the $2.6 trillion municipal market, in which two-thirds of the securities are owned by individual investors.

SEC approves new rules for credit reporting agencies

The Securities and Exchange Commission has approved a series of measures to increase transparency and accountability at credit rating agencies, and ensure that firms provide more meaningful ratings and greater disclosure to investors.The new measures impose additional requirements on credit rating agencies, whose ratings of residential mortgage-backed securities backed by subprime mortgage loans and of collateralized debt obligations linked to subprime loans contributed to the recent turmoil in the credit markets.
Tax

SEC files insider trading charges against Mark Cuban

The Securities and Exchange Commission has charged Dallas entrepreneur Mark Cuban with insider trading for selling 600,000 shares of the stock of an Internet search engine company on the basis of material, non-public information concerning an impending stock offering.The Commission's complaint, filed in the U.S. District Court for the Northern District of Texas, alleges that in June 2004, Mamma.com Inc.
A&A

Bankers ask SEC to override FASB’s new fair value guidance

The American Bankers Association has asked the Securities and Exchange Commission (SEC) to use its authority to override the Financial Accounting Board's (FASB) additional guidance on fair value, FAS 157-3. In a strongly worded letter to SEC Chairman Christopher Cox, Edward L. Yingling, President and CEO of the bankers' group said that the guidance, "basically ignores what we believe to be the intent of the SEC's release of September 30, 2008."

SEC to study mark-to-market accounting

The Securities and Exchange Commission has announced additional details on the process and initial steps that the SEC has undertaken to conduct a study on "mark-to-market" accounting, as authorized by Sec. 133 of the Emergency Economic Stabilization Act of 2008, recently signed into law by President Bush.Under the legislation enacted to help stabilize financial markets, the SEC is required to conduct a study of "mark-to-market" accounting. The study is to be completed by Jan.

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