SEC

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.

SEC charges New York execs with accounting fraud

The Securities and Exchange Commission has charged two former senior executives at Duane Reade with fraud for orchestrating multi-million dollar accounting schemes that caused the company to inflate its reported earnings and overstate its net income.
A&A

SEC, FASB issue clarifications on fair value accounting

The current environment has made questions surrounding the determination of fair value particularly challenging for preparers, auditors, and users of financial information. The SEC's Office of the Chief Accountant and the staff of the FASB have been engaged in extensive consultations with participants in the capital markets, including investors, preparers, and auditors, on the application of fair value measurements in the current market environment.

CaseWare IDEA Inc. will take action against SEC for infringement of trademark rights

The Securities and Exchange Commission (SEC) last week announced their intention to replace their EDGAR database with an XBRL enabled platform called IDEA, short for Interactive Data Electronic Applications. CaseWare IDEA Inc. a privately held software development and marketing company located in Toronto, Canada claims ownership of the IDEA trademark and said on Wednesday that it will defend it product's name against infringement by the SEC. CaseWare registered the IDEA trademark with the U.S. Patent and Trademark Office in 2001.In their press release CaseWare IDEA Inc.

SEC proposes roadmap for IFRS adoption

On Wednesday, the Securities and Exchange Commission voted to publish for public comment a proposed Roadmap that could lead to the use of International Financial Reporting Standards (IFRS) by U.S. issuers beginning in 2014. Currently, U.S. issuers use U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Commission would make a decision in 2011 on whether adoption of IFRS is in the public interest and would benefit investors. The proposed multi-year plan sets out several milestones that, if achieved, could lead to the use of IFRS by U.S.
Technology

SEC introduces IDEA, XBRL successor to EDGAR database

Securities and Exchange Commission Chairman Christopher Cox today unveiled the successor to the agency's 1980s-era EDGAR database, which will give investors far faster and easier access to key financial information about public companies and mutual funds.The new system is called IDEA, short for Interactive Data Electronic Applications. Based on a completely new architecture being built from the ground up, it will at first supplement and then eventually replace the EDGAR system.

SEC sanctions four accounting firms not registering with the PCAOB

The Securities and Exchange Commission (SEC) has taken action against four accounting firms and their principals saying that they issued audit reports in 2004 on SEC-listed companies without having registered with the Public Company Accounting Oversight Board (PCAOB). All four principals were censured by the Commission which found that they "willfully violated Section 102(a) of the Sarbanes-Oxley Act of 2002." Section 102(a) required the SEC to determine the timing of registration with the PCAOB.
A&A

SEC charges microcap companies with harming investors

The Securities and Exchange Commission has charged six microcap companies, four company officers, and several market professionals for their roles in a scheme to raise millions of dollars in capital through improperly registered stocks to fund the companies' struggling businesses.

SEC offers recommendations to improve financial reporting

Securities and Exchange Commission Chairman Christopher Cox has received the final report of an SEC advisory committee containing 25 recommendations to make financial information more useful and understandable to investors.Last year, Chairman Cox announced the creation of the SEC Advisory Committee on Improvements to Financial Reporting, comprised of members representing investors and other key constituencies in America's capital markets.

SEC roundtable on IFRS, GAAP, and subprime crisis

The Securities and Exchange Commission will host a roundtable on Monday, August 4 to analyze the performance of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S. GAAP) during the recent period of market turmoil."This roundtable will provide the Commission with valuable insights from investors, issuers, auditors, and others about the way that both IFRS and U.S. GAAP performed in the context of the current pressures on the marketplace," said SEC Chairman Christopher Cox.
Technology

SEC Chairman Cox will speak at XBRL conference

XBRL International and XBRL US have jointly announced "The Ultimate Client: Business Reporting for Investors, Government and Citizens," a global conference that will explore how improved business and financial reporting through interactive data will affect investor communications, governance, risk and compliance, as well as government reporting.

SEC roundtable looks at fair value in retrospect

Panelists at a July 9 Securities and Exchange Commission roundtable from affected communities that included auditors and corporate financial officers exchanged views on the challenges of implementing fair value standards, principally FAS 157, during the past few months, conducting what Thomas J.
A&A

SEC approves one-year SOX 404(b) extension

The Securities and Exchange Commission has announced that it has approved a one-year extension of the compliance date for smaller public companies to meet the Section 404(b) auditor attestation requirement of the Sarbanes-Oxley Act. The SEC also announced that it received Office of Management and Budget (OMB) approval to proceed with data collection for a study of the costs and benefits of Section 404 implementation, focusing on the consequences for smaller companies and the effects of the Section 404 auditor attestation requirements.
Community News

Former E&Y partner charged with insider trading

The Securities and Exchange Commission has charged a former partner at Ernst & Young LLP, his friend, and his friend's father in an insider trading scheme that resulted in nearly $600,000 in illicit profits.The SEC's insider trading case alleges that from approximately summer 2006 through fall 2007, James E. Gansman, a former partner in Ernst & Young's Transaction Advisory Services department, tipped his friend Donna Murdoch about the identities of at least seven different acquisition targets of clients who sought valuation services from his firm.

SEC signs protocols for sharing information with four European countries

Last week, the Securities and Exchange Commission signed protocols to share information on the application of International Financial Reporting Standards (IFRS) with financial regulators in four European countries.The arrangements with regulators in Belgium, Bulgaria, Norway, and Portugal are in line with the Work Plan previously agreed to between the SEC and the Committee of European Securities Regulators (CESR).The most recent protocols follow on
Technology

SEC foils Craig's List identity theft scammers

The Securities and Exchange Commission took action last week to stop a sophisticated Internet scheme that stole the identities of unsuspecting individuals and netted more than $66,000 in illicit profits in just seven weeks.In a complaint filed in the U.S.
Technology

SEC unveils 'Financial Explorer' investor tool using XBRL

Securities and Exchange Commission Chairman Christopher Cox has announced the launch of the "Financial Explorer" on the SEC Web site to help investors quickly and easily analyze the financial results of public companies. Financial Explorer paints the picture of corporate financial performance with diagrams and charts, using financial information provided to the SEC as "interactive data" in eXtensible Business Reporting Language (XBRL).

SEC reaches settlement with Monster's McKelvey for stock options backdating

The Securities and Exchange Commission has filed a settled enforcement action against Andrew J. McKelvey, the former Chief Executive Officer of Monster Worldwide, Inc., for his participation in a multi-year scheme to secretly backdate stock options granted to Monster officers, directors, and employees.The Commission's complaint alleges that, beginning in 1997, McKelvey and others backdated stock option grants to coincide with the dates of low closing prices for the Company's common stock, resulting in grants of in-the-money options to numerous individuals.
A&A

SEC authorizes one-year SOX 404(b) extension for SMBs

The U.S. Securities and Exchange Commission has agreed to provide small businesses with an additional one year extension to comply with Sarbanes-Oxley Section 404(b) internal control requirements.

SEC relieves foreign companies of U.S. GAAP filing requirements

Having considered extensive and informative public comment on its June 2007 proposal, the Securities and Exchange Commission has unanimously approved rule amendments under which financial statements from foreign private issuers in the U.S. will be accepted without reconciliation to U.S. Generally Accepted Accounting Principles only if they are prepared using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

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