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After our recent posts about the disclosure issues surrounding emerging and changing issues including Brexit and Libor, we are returning to our series delving into the details of implementing the SEC’s March 20, 2019 Disclosure Modernization and Simplification rule, and specifically the changes in properties disclosures. As you likely have heard, most of the changes in this rule, including property disclosures, are effective for filings after May 2, 2019. To being reviewing the changes…
For all of us with a December 31 fiscal year we are finally past the year-end finish line.  It is always nice to look up after year-end and feel good that we made it through another busy season.  Right after that celebration, however, the next thing we see is the challenge of first quarter-end! This is an opportune moment to take stock of our just filed Form 10-K and think about ways we may want…
As we overviewed in this post the SEC’s Disclosure Modernization and Simplification final rule changes a number of items in Forms 10-K, 10-Q and 8-K.  This post starts at the beginning, with changes to the cover page of each of these reports. As a brief reminder, most of the changes in this final rule are effective 30 days after  publication in the Federal Register.  The Final Rule was published in the Federal Register on April 2, 2019,…
The SEC’s whistleblower program has reached a new milestone, now having paid out $376 million to 61 individuals since it made its first award payment in 2012.  On March 26, 2019 the program announced payments to two individualstotaling $50 million. This program is clearly having a significant impact in how the enforcement process finds wrong-doing. You can read more about the program here. As always, your thoughts and comments are welcome!…
Here is a brief video overview of this post, hope you find it interesting! As you have likely heard on March 20, 2019, the SEC adopted a final rule for “Disclosure Modernization and Simplification” as part of its responsibilities under the FAST Act.  This new rule makes a number of detailed changes to reports on Form 10-K, 10-Q and, to a lesser extent, Form 8-K.  The rule also makes several broad changes in…
One of the points we make in our workshops is that companies should exercise care to be consistent across all communication vehicles including SEC filings, earnings releases, webpage information and investor presentations.  Someone in every organization should be charged with reviewing all communications to assure they are all singing the same song. The SEC looks at all the channels a company uses to communicate when they review filings.   Inconsistencies in the disclosure across these channels…
As a quick reminder for first quarter-end, the SEC’s Disclosure Update and Simplification Rule last fall added a requirement to the Form 10-Q to include a statement of changes in stockholders’ equity.  This requirement was added via this addition to Article 10-01(a)  of Regulation S-X: (7) Provide the information required by §210.3-04 for the current and comparative year-to-date periods, with subtotals for each interim period. Article 3.04 referred to in the paragraph above is the…
With the new Disclosure Modernization and Simplification Rule we blogged about yesterday going effective 30 days after publication in the Federal Register, we will all likely be scrambling a bit to get up-to-speed with these changes.  To help us along the path PLI will present a One-Hour Briefing on April 12, 2019 titled “Disclosure Effectiveness and Fast Act Amendments”. You can read about the briefing here. As always, your thoughts and comments are welcome!…
On March 20, 2019, the SEC continued modernizing and simplifying their disclosure rules as they adopted a final rule that will: Simplify disclosure and disclosure processes, Revise rules to update and streamline and improve the SEC’s disclosure framework,and Update other rules to account for developments since their adoption or amendment. The changes in the final rule include: Companies will generally be able to exclude discussion of the earliest of three years in MD&A if they…
At this point in the year-end process most of us have numbers in place and are working on the final steps in reporting.  As you move toward final reviews, we share with you Audit Analytics’ list of high-risk financial reporting areas that can hopefully help you avoid reporting problems. For the last 17 years Audit Analyticshas done an exhaustive review of public company restatements.  Their report “2017 Financial Restatements – A Seventeen Year Comparison”…