On May 17, 2024, the Director of the Division of Corporation Finance of the Securities and Exchange Commission, Erik Gerding, and the Chief Accountant, Paul Munter, issued a statement regarding International Financial Reporting Standard (IFRS) 19, Subsidiaries without Public Accountability: Disclosures, or IFRS 19.
What is IFRS 19? IFRS 19 allows certain subsidiaries of reporting
The SEC’s Chief Accountant Paul Munter, released a statement “Accounting Standard Setting in a Rapidly Evolving Business Environment: A Focus on the Timely Delivery of Investor Priorities,” discussing improvements to Financial Accounting Foundation (“FAF”) and the Financial Accounting Standards Board (“FASB”) accounting standards and standard-setting processes since the SEC’s statement last year.
Since
Yesterday, the US Public Company Accounting Oversight Board (“PCAOB”) announced it had secured complete access to inspect and investigate issuer engagements of audit firms headquartered in China and Hong Kong, marking the first time in history that Chinese authorities allowed complete access for inspections and investigations meeting US standards.
Under the Sarbanes-Oxley Act, the PCAOB
On March 9, 2022, the Office of the Chief Accountant (“OCA”), released a statement regarding assessing the materiality of financial reporting errors. The OCA used this statement to rehash guidance on the concept of materiality and the correction of material errors, evaluate methods of performing
The US Securities and Exchange Commission (SEC) adopted final amendments to its rules on December 2, 2021 to implement the requirements in the Holding Foreign Companies Accountable Act of 2020. Although for the foreseeable future, the majority of the new rules are expected only to affect SEC registrants whose operations are based in China or
September 29, 2021 Webinar | 1:00pm – 2:00pm EDT
Hosted by Intelligize
Register here.
This webinar will focus on recent developments and trends with the SEC and FASB. Join Mayer Brown partners, Anna Pinedo and Brian Hirshberg, and Ernst & Young managing director, Polia Nair, where they will examine the following topics:
Portfolio 5507 discusses the securities laws applicable to foreign private issuers that access the U.S. capital markets and the integrated disclosure system.
This most recent edition includes updates for foreign private issuers, and the financial intermediaries that work with foreign private issuers, in connection with public offerings and exempt offerings.
The portfolio has been updated
As we have previously blogged, public companies are now required to describe critical audit matters (CAMs) in their publicly filed auditor reports. CAMs inform investors and other financial statement users of matters arising from the audit that required especially challenging, subjective, or complex auditor judgment, and how the auditor responded to those matters. As such,
On August 6, 2020, the President’s Working Group on Financial Markets (“Working Group”) released its Report on Protecting United States Investors from Significant Risks from Chinese Companies (“Report”). The Working Group is chaired by the Secretary of the Treasury, and includes the Chairman of the Board of Governors of the Federal Reserve System, the Chairman
In recent remarks, the Chief Accountant noted that the Securities and Exchange Commission’s Office of the Chief Accountant (OCA) and other divisions within the SEC are monitoring the issues raised by COVID-19.
He emphasized the importance of reliable financial information, which provides transparency for investors, and noted that the Office has actively engaged with the