Understanding Sarbanes-Oxley, What is Different After November 2013 [NOOK Book]

Overview

Do you comply with the new COSO or the old one?

Do you remember the speech?

(Remarks at the 32nd Annual SEC and Financial Reporting Institute Conference
Paul Beswick, Chief Accountant, Office of the Chief Accountant, U.S. Securities and Exchange Commission, Pasadena, California)

Listed firms should consider the new COSO.

As a matter of ...

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Understanding Sarbanes-Oxley, What is Different After November 2013

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Overview

Do you comply with the new COSO or the old one?

Do you remember the speech?

(Remarks at the 32nd Annual SEC and Financial Reporting Institute Conference
Paul Beswick, Chief Accountant, Office of the Chief Accountant, U.S. Securities and Exchange Commission, Pasadena, California)

Listed firms should consider the new COSO.

As a matter of policy, the Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner.

This speech expresses the author's views and does not necessarily reflect those of the Commission, the Commissioners, or other members of the SEC Staff.

I would like to thank Randy (Beatty) for the kind invitation to speak at this conference.

I think this conference provides an excellent chance for members of the SEC staff to leave the East Coast and interact with registrants from this part of the country.

I do need to take a moment to provide the staff disclaimer for not only myself, but for all of the SEC staff who are speaking at this program today.

With my time this morning, I thought I would focus on the following topics:

- Why the U.S. needs a strong IASB and what are we doing about it

- Definition of a successful implementation of an accounting standard

- PCAOB accomplishments

- Internal Controls and the new COSO Framework

This does not mean I am limited to these topics.

In fact, there is the Q&A session later in the day if you have specific questions you would like me to address.

Although if the question starts with a FASB codification reference, you might want to consider taking advantage of our pre-filing consultation process to have your question answered.

Why the U.S. needs a strong IASB and what are we doing about it.

I thought I would spend several minutes talking about why the United States has a vested interest in making sure that the International Accounting Standards Board (IASB) continues to function as a strong and independent accounting standard setter.

However, it is important to highlight that these remarks are not intended to forecast what the Office of the Chief Accountant (OCA) might recommend to the Commission or what the Commission might be thinking in terms of next steps for IFRS for domestic issuers.

The consideration of IFRS for domestic issuers is a complex issue.

There also are several recent and future anticipated changes at the Commission level.

So despite that "double disclaimer," the focus of my remarks is why IFRS matters in today's U.S. capital markets and not trying to predict or give an indication of what might happen next.

Put simply, the reason that IFRS matters to the U.S. is that the U.S. is heavily invested in companies that prepare their financial statements using IFRS.
Let me illustrate through an example.

Recently, I was reviewing my financial holdings, and I was once again struck by the fact that in one of my mutual fund holdings I pay foreign taxes every time I receive a dividend from the fund.

This time, I decided to look at the underlying holdings of the fund.

When I reviewed the holdings of the fund, I found that the holdings were dominated by companies that prepare their financial statements using IFRS.

I imagine your personal experience is very similar.

But let me start with a quick history lesson on the use of IFRS in the U.S.
In 2007, the Commission removed the requirement for foreign private issuers to reconcile financial statements prepared using IFRS to U.S. GAAP.

Outside the U.S., the removal of the reconciliation requirement was hailed as a significant event in the context of the development of IFRS.

In the adopting release, the Commission noted,
"IFRS as issued by the IASB and U.S. GAAP are both sets of high-quality accounting standards that are similar to one another in many respects, and the convergence efforts to date have progressed in eliminating many differences."

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Product Details

  • BN ID: 2940045459853
  • Publisher: George Lekatis
  • Publication date: 11/23/2013
  • Series: Understanding Sarbanes-Oxley , #8
  • Sold by: Smashwords
  • Format: eBook
  • File size: 3 MB

Meet the Author

George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.George is the president of the Basel ii Compliance Professionals Association (BCPA, basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, basel-iii-association.com), the largest association of Basel iii professionals in the world.George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the worldGeorge is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
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