1st Quarter, 2010
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1st Quarter, 2010 |
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New Revenue Recognition Guidance
By Keith Tunnell, CPA, Partner-in-Charge, Houston OfficeThe new revenue recognition guidance (EITF 08-01) applies to all deliverables within contractually binding arrangements (whether written, oral, or implied, and hereinafter referred to as “arrangements”) in all industries under which a vendor will perform multiple revenue-generating activities, except as follows: Read more >>> Small Company Financial Reporting Issues Posted
By Larry Schultz, CPA, Audit PartnerOn December 22, 2009, the Security and Exchange Commission’s (SEC's) Division of Corporation Finance posted an updated version of its SEC Staff Review of Common Financial Reporting Issues Facing Smaller Issuers. The 52-page presentation addresses some of the issues the division's staff has frequently encountered in the past year while reviewing filings from smaller public companies. It also includes information on SEC rule making from the past year of interest to small companies. According to the presentation, the financial reporting issues include: Read more >>> Financial Reporting Manual: An Alternative to Wandering in SEC Regulations
By Kenny Wilks, CPA, Senior Audit ManagerHave you searched Securities Exchange Commission (SEC) regulations long enough to feel like you have fallen in the rabbit hole of Alice in Wonderland? You are not alone. Everyone has hit this point while researching, but there is an alternative. If the SEC topic you are researching is difficult to find or interpret, a great resource is the Financial Reporting Manual (the "Manual") published by the SEC Division of Corporate Finance. Access it at http://www.sec.gov/divisions/corpfin/cffinancialreportingmanual.shtml. Read more >>> Increased Proxy Disclosure Requirements
By Wayne Gray, CPA, Partner-in-Charge, Dallas OfficeThe Securities Exchange Commission (SEC) issued Release no. 33-9089 on December 16, 2009, which amends public companies’ required proxy disclosures. The amendments increase the required disclosures, and the SEC has stated the intention is to increase transparency regarding employee compensation structures and Board Member qualifications. The Release is effective February 28, 2010. Read more >>> |
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Happy New Year! As we start the new year, we examine the new revenue recognition guidance. In addition, we take a closer look the SEC’s updated version of the Common Financial Reporting Issues Facing Smaller Issuers, which addresses some of the issues the staff has frequently encountered in the past year while reviewing filings from smaller companies. Next, we highlight a research resource you may not have considered that offers a nice alternative to wandering through SEC regulations. Lastly, we consider the increased proxy disclosure requirements required for public companies.