Improving Financial Reporting and Disclosure

The Business and Economic Review has published a thorough report on current SEC reporting requirements and the significance thereof. The article reviews the role of the SEC in financial reporting and discusses recent legislative initiatives on the part of the SEC to improve the quality of business information.

Topics covered in the report include:

  • Financial Reporting. According to recent SEC findings, corporations do not release certain types of financial information on a timely basis, nor do they report a sufficient amount of information. The SEC’s “Fair Disclosure” and “Supplementary Financial Information” regulations address these deficiencies.
  • The SEC Mission. The report describes the mission of the SEC, which is to protect investors and maintain the integrity of the securities markets.
  • Reporting Requirements. All of the SEC reports required of publicly traded companies are described.
  • Enforcement Issues. The authority of the SEC is described.
  • Regulation Fair Disclosure (FD) and Selective Disclosure. The Fair Disclosure regulation is designed to eliminate the present system of selective disclosure.
  • Supplementary Financial Information. The SEC is now reviewing comments on this proposed legislation which describes the practices of abusive earnings management and related disclosure requirements.

You can read the entire report.

You may like these other stories...

There’s a way for investors to brave the world beyond stocks and bonds of a traditional Individual retirement arrangement (IRA) and venture into real estate, tax liens, unregistered securities and so on. Their avenue...
KPMG LLP has agreed to shell out $8.2 million to settle charges from the US Securities and Exchange Commission (SEC), which found that the Big Four firm violated auditor independence rules by providing certain nonaudit...
By Jason Bramwell, Staff WriterJuly 1, 2014, is the date when the first set of municipal advisors will be required to register under new rules the US Securities and Exchange Commission (SEC) finalized last year.The SEC...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.