Understanding Sarbanes-Oxley, What is Different After November 2013
()
Currently unavailable
Currently unavailable
About this ebook
Do you comply with the new COSO or the old one?
Do you remember the speech?
(Remarks at the 32nd Annual SEC and Financial Reporting Institute Conference
Paul Beswick, Chief Accountant, Office of the Chief Accountant, U.S. Securities and Exchange Commission, Pasadena, California)
Listed firms should consider the new COSO.
As a matter of policy, the Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner.
This speech expresses the author's views and does not necessarily reflect those of the Commission, the Commissioners, or other members of the SEC Staff.
I would like to thank Randy (Beatty) for the kind invitation to speak at this conference.
I think this conference provides an excellent chance for members of the SEC staff to leave the East Coast and interact with registrants from this part of the country.
I do need to take a moment to provide the staff disclaimer for not only myself, but for all of the SEC staff who are speaking at this program today.
With my time this morning, I thought I would focus on the following topics:
- Why the U.S. needs a strong IASB and what are we doing about it
- Definition of a successful implementation of an accounting standard
- PCAOB accomplishments
- Internal Controls and the new COSO Framework
This does not mean I am limited to these topics.
In fact, there is the Q&A session later in the day if you have specific questions you would like me to address.
Although if the question starts with a FASB codification reference, you might want to consider taking advantage of our pre-filing consultation process to have your question answered.
Why the U.S. needs a strong IASB and what are we doing about it.
I thought I would spend several minutes talking about why the United States has a vested interest in making sure that the International Accounting Standards Board (IASB) continues to function as a strong and independent accounting standard setter.
However, it is important to highlight that these remarks are not intended to forecast what the Office of the Chief Accountant (OCA) might recommend to the Commission or what the Commission might be thinking in terms of next steps for IFRS for domestic issuers.
The consideration of IFRS for domestic issuers is a complex issue.
There also are several recent and future anticipated changes at the Commission level.
So despite that "double disclaimer," the focus of my remarks is why IFRS matters in today's U.S. capital markets and not trying to predict or give an indication of what might happen next.
Put simply, the reason that IFRS matters to the U.S. is that the U.S. is heavily invested in companies that prepare their financial statements using IFRS.
Let me illustrate through an example.
Recently, I was reviewing my financial holdings, and I was once again struck by the fact that in one of my mutual fund holdings I pay foreign taxes every time I receive a dividend from the fund.
This time, I decided to look at the underlying holdings of the fund.
When I reviewed the holdings of the fund, I found that the holdings were dominated by companies that prepare their financial statements using IFRS.
I imagine your personal experience is very similar.
But let me start with a quick history lesson on the use of IFRS in the U.S.
In 2007, the Commission removed the requirement for foreign private issuers to reconcile financial statements prepared using IFRS to U.S. GAAP.
Outside the U.S., the removal of the reconciliation requirement was hailed as a significant event in the context of the development of IFRS.
In the adopting release, the Commission noted,
"IFRS as issued by the IASB and U.S. GAAP are both sets of high-quality accounting standards that are similar to one another in many respects, and
George Lekatis
George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.
Related to Understanding Sarbanes-Oxley, What is Different After November 2013
Related ebooks
Common U.S. GAAP Issues Facing CPAS Rating: 0 out of 5 stars0 ratingsAccounting for Non-Accountants: The Fast and Easy Way to Learn the Basics Rating: 4 out of 5 stars4/5Annual Update for Accountants and Auditors Rating: 0 out of 5 stars0 ratingsAn Executive Guide to IFRS: Content, Costs and Benefits to Business Rating: 0 out of 5 stars0 ratingsThe Complete Guide To Sarbanes-Oxley: Understanding How Sarbanes-Oxley Affects Your Business Rating: 0 out of 5 stars0 ratingsA Study in Statements Rating: 0 out of 5 stars0 ratingsPolitical Standards: Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy Rating: 0 out of 5 stars0 ratingsCFO: the True Meaning Behind the Title Rating: 0 out of 5 stars0 ratingsIFRS and XBRL: How to improve Business Reporting through Technology and Object Tracking Rating: 0 out of 5 stars0 ratingsThe Essentials of Finance and Accounting for Nonfinancial Managers Rating: 5 out of 5 stars5/5Corporate Governance in Family Owned Businesses: Importance of Constitution and Governance Rating: 0 out of 5 stars0 ratingsCorporate Governance - Implementation Guide Rating: 0 out of 5 stars0 ratingsFinancial Reporting under IFRS: A Topic Based Approach Rating: 0 out of 5 stars0 ratingsCorporate Governance: A practical guide for accountants Rating: 5 out of 5 stars5/5Alert: Developments in Preparation, Compilation, and Review Engagements, 2017/18 Rating: 0 out of 5 stars0 ratingsAccounting for Professionals: The Business Professionalism Series, #1 Rating: 0 out of 5 stars0 ratingsHow to Read Nonprofit Financial Statements: A Practical Guide Rating: 0 out of 5 stars0 ratingsA Global View of Financial Accounting Rating: 0 out of 5 stars0 ratingsOffshore Banking & Foreign Bank Account Reporting (FBAR) Guide Rating: 0 out of 5 stars0 ratingsManaging Finance: Your guide to getting it right Rating: 0 out of 5 stars0 ratingsEssentials of Sarbanes-Oxley Rating: 0 out of 5 stars0 ratingsBusiness Organizations: Outlines and Case Summaries: Law School Survival Guides, #10 Rating: 0 out of 5 stars0 ratingsSetting Up Wholly Foreign Owned Enterprises in China Rating: 0 out of 5 stars0 ratingsThe Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting: Interpretation, Implementation and Application to Grey Areas Rating: 0 out of 5 stars0 ratingsBusiness Interruption Policy Wordings Rating: 0 out of 5 stars0 ratingsInternational Financial Statement Analysis Rating: 1 out of 5 stars1/5
Business For You
Law of Connection: Lesson 10 from The 21 Irrefutable Laws of Leadership Rating: 4 out of 5 stars4/5Nickel and Dimed: On (Not) Getting By in America Rating: 4 out of 5 stars4/5Collaborating with the Enemy: How to Work with People You Don’t Agree with or Like or Trust Rating: 4 out of 5 stars4/5Becoming Bulletproof: Protect Yourself, Read People, Influence Situations, and Live Fearlessly Rating: 4 out of 5 stars4/5Crucial Conversations Tools for Talking When Stakes Are High, Second Edition Rating: 4 out of 5 stars4/5Crucial Conversations: Tools for Talking When Stakes are High, Third Edition Rating: 4 out of 5 stars4/5Just Listen: Discover the Secret to Getting Through to Absolutely Anyone Rating: 4 out of 5 stars4/5Set for Life: An All-Out Approach to Early Financial Freedom Rating: 4 out of 5 stars4/5The Richest Man in Babylon: The most inspiring book on wealth ever written Rating: 5 out of 5 stars5/5Leadership and Self-Deception: Getting out of the Box Rating: 4 out of 5 stars4/5Robert's Rules Of Order Rating: 5 out of 5 stars5/5Lying Rating: 4 out of 5 stars4/5The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing Rating: 4 out of 5 stars4/5Summary of J.L. Collins's The Simple Path to Wealth Rating: 5 out of 5 stars5/5Your Next Five Moves: Master the Art of Business Strategy Rating: 5 out of 5 stars5/5The Five Dysfunctions of a Team: A Leadership Fable, 20th Anniversary Edition Rating: 4 out of 5 stars4/5Robert's Rules of Order: The Original Manual for Assembly Rules, Business Etiquette, and Conduct Rating: 4 out of 5 stars4/5Capitalism and Freedom Rating: 4 out of 5 stars4/5Confessions of an Economic Hit Man, 3rd Edition Rating: 5 out of 5 stars5/5Red Notice: A True Story of High Finance, Murder, and One Man's Fight for Justice Rating: 4 out of 5 stars4/5How to Get Ideas Rating: 5 out of 5 stars5/5The Everything Guide To Being A Paralegal: Winning Secrets to a Successful Career! Rating: 5 out of 5 stars5/5The Book of Beautiful Questions: The Powerful Questions That Will Help You Decide, Create, Connect, and Lead Rating: 4 out of 5 stars4/5The Catalyst: How to Change Anyone's Mind Rating: 4 out of 5 stars4/5Company Rules: Or Everything I Know About Business I Learned from the CIA Rating: 4 out of 5 stars4/5Tools Of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers Rating: 4 out of 5 stars4/5Suddenly Frugal: How to Live Happier and Healthier for Less Rating: 3 out of 5 stars3/5
Reviews for Understanding Sarbanes-Oxley, What is Different After November 2013
0 ratings0 reviews