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.


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