One small but critically important sub-category of chemical incidents consists of those that can produce mass casualties, usually when a cloud of toxic or superheated gases are spewed out by a fire or explosion. Given America’s fragmented approach to hazardous materials regulation, it’s no surprise that separate regulatory programs have grown up to address these concerns—leading inevitably to overlaps and gaps in coverage.
Tags: Corporate Governance, Business & Legal, Health & Safety, OSHA, Environmental risks, Environmental, EHS, EPA, Greenhouse Gas, Hazcom
Tags: Corporate Governance, Business & Legal, Training, Environmental, Webinar
On May 14, 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its final revised “Framework” for internal control reporting. Many accountants and other readers may raise the question, who is COSO and what do they do? Yes, accountants are quite familiar with guidance issued by the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), and other standard-setters, but COSO is not a standard-setter. So, this latest version of the COSO Framework arguably is a “sleeper” when it comes to guidance that may affect accountants.
Tags: Corporate Governance, Business & Legal, SEC, Accounting & Tax, Lease Accounting, Audit Standards, Accountants
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:
Tags: 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.
Tags: 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.
Tags: 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!
Tags: 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.
Tags: Corporate Governance, Business & Legal, SEC, International, Health & Safety, Environmental, Greenhouse Gas, ghg, fracking, hydraulic fracking
Organizations increasingly need specialized guidance in order to self-audit and show efforts to comply with legislation, and demonstrate due diligence.
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.
Tags: Corporate Governance, Business & Legal, Employer Best Practices, Employee Rights, Workplace violence, EEOC, NLRB