Accounting Firms Urge SEC to Approve PCAOB’s Auditor Independence Rule Changes Opposed by Investors
The SEC will soon decide whether to approve the PCAOB’s revised auditor independence rules. As part of its oversight activities, …
Elad Roisman Named Acting SEC Chairman
By Bill Flook President Donald Trump on December 28, 2020, named Commissioner Elad Roisman as acting chairman of the SEC …
SEC Chairman Jay Clayton Resigns
By Soyoung Ho Chairman Jay Clayton resigned from the SEC on December 23, 2020, ending a tenure that was praised …
SEC Staff: Companies Should Disclose Long-Term Impact of COVID-19
By Soyoung Ho Public companies’ disclosures related to the impact of COVID-19 in the past three quarters have been by …
SEC Fines Chinese Chain Luckin $180 Million for Accounting Fraud, But Chinese Government Must Sign Off on Payment
By Soyoung Ho The SEC filed charges against U.S.-listed Chinese company Luckin Coffee Inc. for inflating revenue and misstating expenses …
SEC During Biden Administration Likely to Focus on Climate Change Risk Disclosures
By Soyoung Ho The Democratic administration under President Joseph Biden next year will likely bring priority changes at the SEC. …
SEC Disgorgement Fix Included in Defense Spending Bill
By Bill Flook Language strengthening the SEC’s ability to recoup ill-gotten gains on behalf of defrauded investors is included in …
SEC Official Shares Observations on Critical Audit Matter Disclosures, COVID-19 Related CAMs
By Soyoung Ho A senior SEC official at a conference urged auditors of smaller public companies to continue with their …
SEC Rolls Back Requirements on MD&A, Financial Data
By Bill Flook The SEC on November 19, 2020, issued final rules to streamline requirements in management’s discussion and analysis …
SEC Proposes to Update, Expand Equity Compensation Exemption
By Bill Flook The SEC on November 24, 2020, proposed to update the exemption allowing private companies to offer equity …