Actions by the SEC, other federal agencies and the courts continue to change or propose changes to the rules concerning the disclosures that publicly listed companies must make. They are responding to the latest series of U.S. federal laws aimed at improving corporate accountability and enhancing growth in a slow economy. Most recently, a court has vacated the SEC rule on disclosure of payments by resource extraction issuers, and the U.S. Government Accountability Office (GAO) has recommended further disclosures about auditor attestation, as follows:
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Corporate Governance,
Business & Legal,
SEC,
Audit Standards
Over the past several decades, the construction industry has moved to an airtight standard for new buildings in order to reduce heating and cooling costs. In such dwellings, however, where moisture gets in, it is less likely to air-dry. The resulting damp conditions create the perfect environment for mold growth.
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Corporate Governance,
Business & Legal,
Insurance,
Insurance Claims
The Securities and Exchange Commission (SEC) was created 80 years ago to protect investors, while also nurturing the growth of efficient and transparent markets for securities. Over the intervening years, the balance between protection and growth has shifted many times, leading to many sets of requirements with conditions and exemptions to parse in order to determine entrepreneurs’ notice and filing requirements, and the range of investor opportunities and protections.
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Corporate Governance,
Business & Legal,
SEC
Companies and users of financial statements should be alert to the potentially far-reaching consequences of a June 27, 2013, proposal issued by the U.S. Financial Accounting Standards Board (FASB). If adopted, the proposal would likely change how certain companies that provide insurance (not policyholders) account for insurance contracts. Maybe most importantly, the proposal would affect financial accounting by many companies that don’t consider themselves an “insurance company.” Financial institutions, including banks, are just one example. Undoubtedly, the scope of this proposal will surprise many—possibly even the FASB. This proposal, titled Insurance Contracts (Topic 834), is a whopping 405 pages in length—not exactly light reading!
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Corporate Governance,
Business & Legal,
Accounting & Tax,
Audit Standards,
Accountants,
US GAAP,
GAAP,
Insurance
One of the Dodd-Frank Act’s many directives to the Securities and Exchange Commission (SEC) was to require annual disclosures by publicly listed “resource extraction issuers” of payments they make to the U.S. federal government or foreign governments, related to commercial development of oil, natural gas, or minerals. SEC thought it met this directive when it issued Rule 13q-1 and associated Form SD in August 2012. However, on July 2, 2013 a federal judge decided that SEC misapplied its authority, and so vacated these provisions and remanded the issue to SEC to try again (American Petroleum Institute v. SEC). Since Dodd-Frank required issuer reporting to begin no less than one year after SEC issued rules, the issuer reporting requirement is now on hold—but the statutory requirement remains in place so further rulemaking should be expected.
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Corporate Governance,
Business & Legal,
SEC,
International,
Health & Safety,
Environmental,
Greenhouse Gas,
ghg,
fracking,
hydraulic fracking
Cal/OSHA’s Hazard Communication Standard (HCS) is designed to ensure that employers evaluate and classify the hazards of workplace chemicals, and that both employers and employees receive relevant information about those hazards. HCS requires all employers with hazardous chemicals in the workplace to develop, implement, and maintain a workplace hazard communication program to inform employees about the hazardous chemicals to which they may be exposed. HCS also requires manufacturers and importers of hazardous chemicals to classify the hazards of the chemicals that they produce or import, and distributors to pass this information to end-users.
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Business & Legal,
Health & Safety,
OSHA,
California Legislation,
Hazcom
Organizations increasingly need specialized guidance in order to self-audit and show efforts to comply with legislation, and demonstrate due diligence.
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Tags:
Corporate Governance,
Business & Legal,
Audit Standards,
Environmental risks,
Environmental,
EHS,
mact
Title VII of the Civil Rights Act of 1964 provides a wide range of anti-discrimination measures, including prohibitions against employment discrimination based on race, color, religion, sex (or “gender”), and national origin. Title VII is administered by the Equal Employment Opportunity Commission (EEOC), and enforced when EEOC or aggrieved employees file lawsuits in federal court.
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Corporate Governance,
Business & Legal,
Employer Best Practices,
Employee Rights,
Workplace violence,
EEOC,
NLRB
On July 1, 2013, the FASB issued three proposals designed to reduce the complexity of certain accounting requirements for private companies. While that is certainly the intent, some unintended consequences may result as discussed below.
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Business & Legal,
SEC,
Accounting & Tax,
Accountants,
US GAAP,
GAAP
July 1 was the deadline for subject facilities to file their annual toxic chemical release inventory (TRI) reports with the US Environmental Protection Agency (EPA) and their state, on one of two EPA-mandated forms, Form R or Form A. These TRI reports are mandated by Section 313 of the Emergency Planning and Community Right-to-Know Act of 1986 (EPCRA), which was adopted as the first Congressional response to the December 1984 toxic gas disaster in Bhopal, India.
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Tags:
Corporate Governance,
Business & Legal,
Health & Safety,
Environmental risks,
Environmental,
EHS,
Hazcom
