Download or read book The Impact of Sec Scrutiny on Financial Statement Reporting of In Process Research and Development Expense written by Thomas D. Dowdell and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document the effect of SEC scrutiny on how firms report in-process research and development costs (IPRD), and investigate an important but previously unexamined means by which the SEC can influence financial reporting - oversight from the Office of the Chief Accountant, and the review and comment process in the Division of Corporation Finance. We examine restatements of previously expensed IPRD following the 1998 guidance provided by Chief Accountant Lynn Turner, who communicated his opposition to "excessive write-offs of In-Process Research and Development costs," and Chairman Arthur Levitt, who voiced his concerns about earnings management. Restatements reduce IPRD expense by 62 percent on average, and increase pre-tax income by 142 percent, with a median change of 32 percent. As well, in a sample of 582 acquisitions accounted for as purchases that included IPRD in SIC industry 737 (computer programming and software), mean IPRD charges as a percentage of assets acquired shrank 71 percent in the years following Chief Accountant Turner's guidance. The results demonstrate the potent impact SEC opinions about proper accounting practice can have on registrants' financial reporting, even when the agency is not formally setting new standards.
Download or read book Restatement of In Process Research and Development Write Offs written by Eric Press and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1998, SEC Chairman Arthur Levitt voiced his concerns about earnings management, including understatements of earnings. SEC Chief Accountant Lynn Turner communicated his opposition to "excessive" write-offs of In-Process Research and Development costs (IPRD) in September 1998. We document how the SEC-using channels other than formal standard setting and enforcement actions-affected registrants' reporting of IPRD transactions. We investigate factors associated with large IPRD write-offs in the software and computer services industry, and test whether firms managed their earnings with IPRD, as alleged by the SEC. In addition, we examine factors associated with the resulting IPRD restatements, and assess their valuation impact. IPRD write-offs-as a percentage of assets acquired-shrink by more than half in the period following the SEC's guidance. We observe companies that initially expense large amounts of IPRD faced high investor expectations, and the stock price impact of write-off restatements is reliably negative. The results demonstrate the potent impact the SEC's opinions on proper accounting practice have on companies' financial reporting, even when the agency is not officially setting new standards.
Download or read book SEC Reporting written by BDO USA and published by John Wiley & Sons. This book was released on 2020-06-02 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title clarifies new, difficult, and important reporting and disclosure requirements for SEC Reporting. You'll learn: The latest SEC developments and hot buttons. How to apply regulations S-X, S-K, and other SEC guidance. How to prepare and review financial statements and their related disclosures. It includes AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion.
Download or read book Research in Accounting Regulation written by Gary Previts and published by Elsevier. This book was released on 2006-01-27 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scope of service provided by professional accountants is influenced by legislation and case law as well as the dictates of a variety of government and private sector agencies; including State Boards of Accountancy, Academic Accreditation Bodies, the United States Securities and Exchange Commission, the Public Accounting Oversight Board, independent standard setting bodies such as the Federal Accounting Standards Advisory Board [US], the Financial Accounting Standards Board [US] and the International Accounting Standards Board. These entities and self-regulatory organizations such as U.S. State Societies of CPAs and the American Institute of Certified Public Accountants and equivalent and emerging national bodies that exist in most developed and developing countries, are among the emerging entities which attempt to coordinate the activities of professional accountants among sovereign nations. It is important for academics, students, practitioners, regulators and researchers to consider and study the role and relationship of such bodies with the practice and content of our discipline. Research in Accounting Regulation seeks high quality manuscripts which address accounting regulatory policy, broadly defined, including: 1. self regulatory activities 2. case law and litigation 3. legislation and government regulation 4. the economics of regulation of markets, and disclosure, including modeling 5. matters involving the structure of education, licensing, and accreditation The editors encourage submission of original empirical, behavioral or applied research manuscripts which consider strategic and policy implications for regulation, regulatory models and markets. It is intended for individual researchers, practitioners, regulators and students of accountancy who desire to increase their understanding of the regulation of accountancy.
Download or read book SEC Financial Reporting written by Robert K. Herdman and published by . This book was released on 1983 with total page 1180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coverage of every aspect of financial reporting & disclosure under Regulations S-X and S-K, with step-by-step procedures for preparing information for Form 10-K & annual shareholders reports. The authors' focus on common problem areas and current developments includes: 1 Volume
Download or read book Management Report written by Jeanette M. Franzel and published by DIANE Publishing. This book was released on 2009-06 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: On Nov. 14, 2008, an opinion was issued on the SEC¿s FY '08 and '07 financial statements. Also, an opinion was issued on the effectiveness of SEC¿s internal control over financial reporting (incl. safeguarding of assets) and over compliance as of Sept. 30, 2008, and an evaluation of SEC¿s compliance with selected provisions of laws and reg¿s. during FY '08. This report presents issues identified during a FY '08 audit of SEC¿s internal controls and accounting procedures and recommends actions to address these issues. This report makes 19 recommend. to strengthen internal controls and accounting procedures. These recommend. are in addition to 24 recommend. included in prior year audits of SEC¿s financial statements that still need to be fully addressed.
Download or read book The Impact of the SEC s Accounting Disclosure Requirements written by George J. Benston and published by . This book was released on 1968 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Download or read book The SEC and Replacement Cost Accounting written by and published by . This book was released on 1976 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Impact of the SEC s Scrutiny on Non GAAP Reporting written by 林家瑜 and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book SEC Regulation S X written by Securities and Securities and Exchange Commission and published by Createspace Independent Publishing Platform. This book was released on 2018-07-05 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This PRINT REPLICA is the SEC Regulation S-X and is current to JULY 5, 2018. Regulation S-X is a prescribed regulation in the United States of America that lays out the specific form and content of financial reports, specifically the financial statements of public companies. Also known as the "FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975." Regulation S-X and the Financial Reporting Releases set forth the form and content of and requirements for financial statements required to be filed as a part of a registration statements under the Securities Act of 1933. Regulation S-X extends the meaning of the term 'financial statements' to include all notes to the statements and all related schedules. Regulation S-X is closely related to Regulation S-K, which lays out reporting requirements for various SEC filings and registrations used by public companies. Why buy a book you can download for free? We print this book so you don't have to. First you gotta find a good clean (legible) copy and make sure it's the latest version (not always easy). Some documents found on the web are missing some pages or the image quality is so poor, they are difficult to read. We look over each document carefully and replace poor quality images by going back to the original source document. We proof each document to make sure it's all there - including all changes. If you find a good copy, you could print it using a network printer you share with 100 other people (typically its either out of paper or toner). If it's just a 10-page document, no problem, but if it's 250-pages, you will need to punch 3 holes in all those pages and put it in a 3-ring binder. Takes at least an hour. It's much more cost-effective to just order the latest version from Amazon.com This book includes original commentary which is copyright material. Note that government documents are in the public domain. We print these large documents as a service so you don't have to. The books are compact, tightly-bound, full-size (8 1⁄2 by 11 inches), with large text and glossy covers. 4th Watch Publishing Co. is a SDVOSB. If you like the service we provide, please leave positive review on Amazon.com.
Download or read book Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Download or read book Strengthening Forensic Science in the United States written by National Research Council and published by National Academies Press. This book was released on 2009-07-29 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scores of talented and dedicated people serve the forensic science community, performing vitally important work. However, they are often constrained by lack of adequate resources, sound policies, and national support. It is clear that change and advancements, both systematic and scientific, are needed in a number of forensic science disciplines to ensure the reliability of work, establish enforceable standards, and promote best practices with consistent application. Strengthening Forensic Science in the United States: A Path Forward provides a detailed plan for addressing these needs and suggests the creation of a new government entity, the National Institute of Forensic Science, to establish and enforce standards within the forensic science community. The benefits of improving and regulating the forensic science disciplines are clear: assisting law enforcement officials, enhancing homeland security, and reducing the risk of wrongful conviction and exoneration. Strengthening Forensic Science in the United States gives a full account of what is needed to advance the forensic science disciplines, including upgrading of systems and organizational structures, better training, widespread adoption of uniform and enforceable best practices, and mandatory certification and accreditation programs. While this book provides an essential call-to-action for congress and policy makers, it also serves as a vital tool for law enforcement agencies, criminal prosecutors and attorneys, and forensic science educators.
Download or read book Sec Confidential Treatment Orders written by Anne Margaret Thompson and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines how the Securities and Exchange Commission balances competing regulatory objectives in its decisions to approve requests to withhold proprietary information from firms' financial reports. The confidential treatment process requires the SEC to balance the public interest in protecting proprietary information with the public interest in promoting disclosures to investors. I draw upon the economic and political science literatures on regulatory decision-making to test the strength of these interests on three aspects of the SEC's decisions to grant confidential treatment: the duration of time required to approve the request, the duration of time the SEC agrees to protect proprietary information from disclosure, and whether the firm is successful in securing confidential treatment for all redacted information. I find that the public interest in promoting disclosure and protecting proprietary information influence different aspects of the SEC's decisions to grant regulatory exemptions for confidential treatment. Firms requiring greater monitoring by the SEC receive greater scrutiny and have lower odds of successful redaction. High proprietary costs are associated with significantly longer protection periods but proprietary costs generally are not associated with duration to approval or the success of the application. Finally, I find that the SEC applies greater scrutiny to firms exhibiting objective and salient measures of low financial reporting quality although these firms have higher odds of success. These findings are consistent with the SEC reviewing CTRs to reduce the risk of legislative oversight. This study contributes to the literature on disclosure regulation by providing evidence as to how securities regulators balance competing interests when reviewing requests for disclosure exemptions. These findings also contribute to the role of political influence on disclosure policy, as the SEC's exemption decisions are consistent with avoiding the threat of legislative oversight. Second, these findings contribute to the literature on the SEC's regulatory decisions by demonstrating that the SEC staff appears to allocate resources and apply scrutiny to applications for disclosure exemptions using aspects of registered firms' financial reporting quality. Third, these findings contribute to the literature on redaction as a disclosure choice by providing evidence suggesting that firms with low financial reporting quality are more likely to redact, and I provide evidence on the success of this disclosure choice. Overall, these findings suggest that the public interest in promoting disclosure, as well as the threat of legislative oversight, influence the SECs decisions when granting regulatory exemptions to protect proprietary information.
Download or read book Financial Oversight of Enron written by United States. Congress. Senate. Committee on Governmental Affairs and published by . This book was released on 2002 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
