Rep. Maloney Introduces Controversial Disclosure Bill to House
Resembling a 2010 bill enacted by California, H.R. 4842, the Business Supply Chain Transparency on Trafficking and Slavery Act of 2014, was recently introduced in the House of Representatives. The proposed bill requires U.S. public companies with $100 million in yearly sales to submit annual reports to the U.S. Securities and Exchange Commission (“SEC”) detailing their efforts to recognize suppliers that use slaves, forced labor or children for producing goods. Rep. Carolyn Maloney, the bill’s sponsor, remarked that the requirement would inform consumers on what measures companies are taking to stop illegal labor practices, and reaffirms such businesses to communicate what. Read More.
Topics: Business Supply Chain, Carolyn Maloney, Center for Capital Market Competitiveness, Disclosures, First Amendment, House of Representatives, Thomas Quaadman, Trafficking and Slavery Act of 2014, U.S. Chamber of Commerce, U.S. Securities and Exchange Commission "SEC"
New FASB Repurchase Disclosure Standard Released
Recently issued by the Financial Accounting Standards Board (“FASB”), Accounting Standards Update (ASU) No. 2014-11 , Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. In addition, the ASU requires separate accounting separate accounting for a transfer executive with a repurchase agreement with the same counter party resulting in secured borrowing accounting for the repurchase agreement. Finally, the ASU adds new disclosures to provide for transparency with respect to the transaction. The effective dates are as followed: Public Private Public Interim Private Interim Accounting Changes beginning after December 15, 2014 beginning after December 15,. Read More.