• Hensarling bill would broaden Sarbanes-Oxley 404(b) exemptions

    House Financial Services Committee Chairman Jeb Hensarling is proposing to exempt a broad swath of small-cap companies from the auditor attestation requirements of Section 404(b) in the Sarbanes-Oxley Act of 2002. The expansion of existing exemptions to the requirement is set to be included in an updated version of Hensarling’s far-reaching Financial Choice Act.
  • Rule is issued to require hyperlinks to exhibits in regulatory filings

    The SEC issued a rule requiring public companies to include hyperlinks to the exhibits in regulatory filings. The SEC said the hyperlinks will make finding old exhibits in its Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) filing system easier because investors will not have to search through previous filings to find and review an exhibit.
  • Chief Accountant Bricker warns about slow implementation of revenue standard

    SEC Chief Accountant Wesley Bricker said he was concerned that almost 10 percent of public companies have not started the implementation process for the revenue recognition standard. The firms that have slipped behind have only 10 months to implement the required financial reporting changes before the standard becomes effective, which puts them in a difficult spot given the amount of preparation required to update financial reporting systems for the many changes the standard will bring.