- The SEC issued Release No. 34-80130, Proposed Amendments to Exchange Act Rule 15c2-12, to expand the list of public disclosures municipal bond issuers must make. The regulatory agency wants investors to have more information about state and local governments’ overall indebtedness.
- 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.
- 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.
- 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.
- Federal law requires the annual audit of a defined benefit or defined contribution retirement plan (including 401(k)) when the plan’s total eligible participants reach 100.