Gallagher Criticizes SEC’s Disclosure Rules
Following his criticisms about the lack of amendments related to pension plan accounting for state and local governments, U.S. Securities and Exchange Commission’s (“SEC”) Daniel Gallagher is now voicing his displeasure over mandatory reporting and disclosure requirements. At his speech during the annual SEC Historical Society meeting last week, the SEC Commissioner remarked that trends regarding sustainability reporting and other nonfinancial disclosures add useless information to corporate filings. According to Gallagher, companies should be given the option to offer additional information. In his opinion, companies can provide disclosures based on their reviews and own means of delivering the information. However, Gallagher is apprehensive the voluntary approach will eventually become an SEC requirement. Gallagher’s comments reflect the. Read More.
SEC’s Gallagher Wants More Pension Plan Accounting Amendments
Last month at the Municipal Securities Rulemaking Board’s securities regulator summit, the U.S. Securities and Exchange Commission’s (“SEC”) Daniel Gallagher voiced concerns over the Governmental Accounting Standards Board’s (“GASB”) lack of amendments regarding pension plan accounting for state and local governments. Despite praising GASB Statement (GASBS) No. 67, Financial Reporting for Pension Plans, and GASBS No. 68, Accounting and Financial Reporting for Pensions, for being a good starting point, the SEC Commissioner believes more amendments requiring state and local governments to publicly disclose complete range of their pension obligations and other post-employment benefits (OPEB) are necessary. Currently, it is estimated. Read More.
SEC’s Stout Presents at PCAOB Forum for Broker-Dealers
At the May 28th “Auditing Smaller Broker-Dealers” forum, the U.S. Securities and Exchange Commission’s (“SEC”) Kevin Stout presented his thoughts on SEC broker-dealer rulemaking and applying auditor independence rules relating to auditing broker-dealers. Stout, the SEC Senior Associate Chief Accountant, covered various topics in his presentation like SEC broker-dealer financial responsibility amendments, new rules that change annual reporting requirements for some broker-dealers, and examples of SEC independence rules that are applicable to broker-dealer audits. Hosted by the Public Company Accounting Oversight Board (“PCAOB”), the forums offer public accounting firms in the smaller broker-dealer community a chance to learn additionally about. Read More.
Release No. 34-67717 Update Coming Next Year
Planned for a spring 2015 release, the U.S. Securities and Exchange Commission (“SEC”) will propose modifying Release No. 34-67717, Disclosure of Payments by Resource Extraction Issuers. The original rule, which was rejected last year by the U.S. District Court for the District of Columbia (“the Court”), requires the disclosure of payments oil, gas and mining companies make to governments. Opting not to file an appeal, the SEC is addressing the Court’s complaints over the rule. Among the complaints is the requirement of companies to file reports to the SEC specifying payments of $100,000 or more, which the Court considered “a. Read More.
Ceresney Praises SEC’s Division of Enforcement Accomplishments
As the keynote speaker at Compliance Week 2014, U.S. Securities and Exchange Commission (“SEC”) official Andrew Ceresney reflected on the Division of Enforcement’s (“the Division”) achievements from the past year. Ceresney, the Director of the SEC’s Division of Enforcement, highlighted successes including: Creating specialized units within the Division to concentrate on areas of significant concern; Ensuring fair trading and equal information access within the securities markets; Creating task forces within the Division to focus on areas outside of the ones covered by specialized units; and A new method to settlements that creates the effective settlement of cases while fulfilling accountability. Read More.
SEC’s White Speaks at Trustees Dinner
At the May 20th Financial Accounting Foundation Trustees Dinner, U.S. Securities and Exchange Commission (“SEC”) Chair Mary Jo White reflected on global accounting standards matters concerning the SEC. During the event in Washington, D.C., she hinted that the SEC is still considering the addition of International Financial Reporting Standards (“IFRS”) for domestic registrants. Although no timetable was given for when the issue would be addressed, White noted that the interests of U.S. investors would be front and center during the IFRS consideration process. White also supported the opinions expressed by other SEC members. Such views included the country’s role in. Read More.