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Holland & Knight LLP | USA | 28 Mar 2011

SEC obtains clawback in enforcement action

On March 3, 2011, the SEC filed an action against the president and chief executive officer of a company, seeking to recover bonuses and other incentive-based and equity-based compensation and stock sale profits received while the company was committing accounting fraud.


Holland & Knight LLP | USA | 14 Mar 2011

SEC issues new Staff Accounting Bulletin Number 114

On March 7, 2011, the SEC's Office of the Chief Accountant and Division of Corporate Finance jointly issued Staff Accounting Bulletin (SAB) Number 114, which revises or rescinds portions of the interpretative guidance included in the codification of the SAB Series.


Holland & Knight LLP | USA | 28 Feb 2011

Chief Accountant reminds lawyers that GAAP and not the ABA-auditor treaty governs loss contingency disclosure

At a recent New York Bar Association conference, Wayne Carnall, Chief Accountant of the SEC's Division of Corporation Finance, warned registrants to avoid relying on the long-standing ABA-auditor "treaty" between lawyers and auditors when deciding what to report about litigation contingencies in financial statements.


Holland & Knight LLP | USA | 24 Jan 2011

SEC staff issued interpretations on change of accountants

On January 14, 2011, the Division of Corporation Finance issued new CDIs regarding change of accountants.


Holland & Knight LLP | USA | 24 Jan 2011

PCAOB issues staff practice alert on contingencies arising from loan activities

On December 20, 2010, the PCAOB issued Staff Audit Practice Alert No. 7, Auditor Considerations of Litigation and Other Contingencies Arising From Mortgage and Other Loan Activities, to advise auditors that the potential risks and costs associated with mortgage and foreclosure-related activities or exposures could have implications for audits of financial statements or of internal control over financial reporting.


Holland & Knight LLP | USA | 6 Dec 2010

SEC staff issues Review of Common Financial Reporting Issues Facing Smaller Issuers

On December 2, 2010, the SEC posted to its website an updated version of its "SEC Staff Review of Common Financial Reporting Issues Facing Smaller Issuers."


Holland & Knight LLP | USA | 25 Oct 2010

FASB Proposes Changes to the Goodwill Impairment Test

On October 6, 2010, the Financial Accounting Standards Board (FASB) proposed two critical changes to the way companies test for impairment of goodwill as part of an accounting standards update on Topic 350.


Holland & Knight LLP | USA | 26 Jul 2010

Division of Corporation Finance publishes revised accounting manual

On July 7, 2010, the SEC's Division of Corporation Finance published a revised Financial Reporting Manual.


Holland & Knight LLP | USA, Global | 12 Jul 2010

FASB and IASB issue joint proposal on revenue recognition and a progress report on US GAAP and IFRS convergence

On June 24, 2010, the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.


Holland & Knight LLP | USA | 12 Jul 2010

Supreme Court rejects attempt to dismantle PCAOB

In a 5-4 decision, the U.S. Supreme Court rejected an attempt to declare unconstitutional the Public Company Accounting Oversight Board a private, nonprofit organization created in the wake of Enron and WorldCom accounting scandals.

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