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Current SEC initiatives in accounting and disclosure

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03 Jul 2002

In a Speech before the Economic Club of New York, SEC Chairman Harvey L.

Pitt summarised the Commission's key initiatives in the area of accounting and disclosure as follows:
  • A proposed framework for oversight of the accounting profession
  • CEO and CFO certification of financial statements
  • Actively assisting FASB in retaining its independence and addressing key issues on a more timely basis and in a way that will better adapt to changing business environments and emphasise overall accuracy
  • Requiring companies to discuss the effects of their critical accounting policies
  • Reminders to companies to disclose off-balance sheet financing arrangements, and about the appropriate use of, and limitations on, pro forma financial information
  • Enforcement actions underscoring that technical compliance with GAAP, without more, can still produce insufficient disclosure
  • Accelerated reporting of insider transactions, including company loans
  • Tripling the number of items that companies must report currently, and to accelerate those disclosures
  • Accelerating the deadline for annual reports from 90 to 60 days, and quarterly reports from 45 to 30 days.

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