Home
Search results “Securities and exchange commission accounting standards”
Standard Setting Bodies: FASB, GAAP, SEC, AICPA | Intermediate Accounting | CPA Exam FAR | Chp 1 p 2
 
31:28
After the stock market crash in 1929 and the Great Depression, there were calls  for  increased  government  regulation  and  supervision—especially  financial  institutions  and  the  stock  market.  As  a  result,  the  federal  government  established  the  Securities  and  Exchange  Commission  (SEC)  to  help  develop  and  standardize  financial  information  presented  to  stockholders. The SEC is a federal agency and administers the Securities Exchange Act of 1934  and several other acts. Most companies that issue securities to the public or are listed on a stock  exchange are required to file audited financial statements with the SEC. In addition, the SEC has  broad powers to prescribe the accounting practices and standards to be employed by companies  that fall within its jurisdiction.  9.  At the time the SEC was created, it encouraged the creation of a private standards­setting  body. As a result, accounting standards have developed in the private sector either through the  American Institute of Certified Public Accountants (AICPA) or the Financial Accounting Standards  Board  (FASB).  The  SEC  has  affirmed  its  support  for  the  FASB  by  indicating  that  financial  statements  conforming  to  standards  set  by  the  FASB  will  be  presumed  to  have  substantial  authoritative support.  10.  Over its history, the SEC’s involvement in the development of accounting standards has  varied. In some cases, the private sector has attempted to establish a standard, but the SEC has  refused to accept it. In other cases, the SEC has prodded the private sector into taking quicker  action on setting standards.  11.  If  the  SEC  believes  that  an  accounting  or  disclosure  irregularity  exists  regarding  a  company’s  financial  statements,  the  SEC  sends  a  deficiency  letter  to  the  company.  If  the  company’s  response  to  the  deficiency  letter  proves  unsatisfactory,  the  SEC  has  the  power  to  issue a “stop order,” which prevents the registrant from issuing securities or trading securities on  the exchanges. Criminal charges may also be brought by the Department of Justice.  At  the  urging  of  the  SEC,  the  AICPA  appointed  the  Committee  on  Accounting  Procedure (CAP) in 1939. This group issued 51 Accounting Research Bulletins (ARBs) during  the years 1939 to 1959. In  1959,  the  AICPA  created  the  Accounting  Principles  Board  (APB).  The  major  purposes of this group were (a) to advance the written expression of accounting principles, (b) to  determine  appropriate  practices,  and  (c) to  narrow the  areas  of  difference  and  inconsistency  in  practice. Its  pronouncements,  known  as APB  Opinions,  were  intended to  be  based mainly  on  research studies and be supported by reason and analysis.  The FASB  14.  Early  in  its  existence  the  APB  was  criticized  for  lack  of  productivity  and  failing  to  act  promptly,  then  it  was  criticized  for  overreacting  to  certain  issues.  A  committee,  known  as  the  Study Group on Establishment of Accounting Principles (Wheat Committee), was set up to  study the APB  and  recommend  changes  in  its  structure  and  operation. The  result  of the Study  Group’s  findings  was  the  demise  of  the  APB  and  the  creation  of  the  Financial  Accounting  Standards Board (FASB) in 1973. The FASB represents the current rule­making body within the  accounting profession.  15.  The role of the AICPA in standard setting is now diminished, but has a Financial Reporting  Executive Committee  (FinREC), which is authorized to make public statements on behalf of the  AICPA  on  financial  reporting  matters.  FinREC  also  issues  audit  and  accounting  guides,  which  address  particular  areas  in financial  reporting.  Furthermore, the  AICPA  has  been the  leader  in  developing auditing standards through its Auditing Standards Board—but the Sarbanes­Oxley Act  now  requires  the  Public  Company  Accounting  Oversight  Board  to  oversee  the  development  of  auditing standards. The AICPA continues to develop and grade the CPA examination.  16.  The  mission  of  the  FASB  is  to  establish  and  improve  standards  of  financial  accounting  and reporting for the guidance and education of the public, which includes issuers, auditors
What Is the Securities & Exchange Commission? Is It Effective? U.S. Finance
 
30:14
Within the SEC, there are five divisions. Headquartered in Washington, D.C., the SEC has 11 regional offices throughout the US. The SEC's divisions are:[10] Corporation Finance Trading and Markets Investment Management Enforcement Economic and Risk Analysis Corporation Finance is the division that oversees the disclosure made by public companies, as well as the registration of transactions, such as mergers, made by companies. The division is also responsible for operating EDGAR. The Trading and Markets division oversees self-regulatory organizations such as the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB) and all broker-dealer firms and investment houses. This division also interprets proposed changes to regulations and monitors operations of the industry. In practice, the SEC delegates most of its enforcement and rulemaking authority to FINRA. In fact, all trading firms not regulated by other SROs must register as a member of FINRA. Individuals trading securities must pass exams administered by FINRA to become registered representatives.[11][12] The Investment Management Division oversees registered investment companies, which include mutual funds, as well as registered investment advisors. These entities are subject to extensive regulation under various federals securities laws.[13] The Division of Investment Management administers various federal securities laws, in particular the Investment Company Act of 1940 and Investment Advisers Act of 1940. This division's responsibilities include:[14] assisting the Commission in interpreting laws and regulations for the public and SEC inspection and enforcement staff; responding to no-action requests and requests for exemptive relief; reviewing investment company and investment adviser filings; assisting the Commission in enforcement matters involving investment companies and advisers; and advising the Commission on adapting SEC rules to new circumstances. The Enforcement Division works with the other three divisions, and other Commission offices, to investigate violations of the securities laws and regulations and to bring actions against alleged violators. The SEC generally conducts investigations in private. The SEC's staff may seek voluntary production of documents and testimony, or may seek a formal order of investigation from the SEC, which allows the staff to compel the production of documents and witness testimony. The SEC can bring a civil action in a U.S. District Court, or an administrative proceeding which is heard by an independent administrative law judge (ALJ). The SEC does not have criminal authority, but may refer matters to state and federal prosecutors. The director of the SEC's Enforcement Division Robert Khuzami left the office in February 2013.[15] Among the SEC's offices are: The Office of General Counsel, which acts as the agency's "lawyer" before federal appellate courts and provides legal advice to the Commission and other SEC divisions and offices; The Office of the Chief Accountant, which establishes and enforces accounting and auditing policies set by the SEC. This office has played a role in such areas as working with the Financial Accounting Standards Board to develop Generally Accepted Accounting Principles, the Public Company Accounting Oversight Board in developing audit requirements, and the International Accounting Standards Board in advancing the development of International Financial Reporting Standards; The Office of Compliance, Inspections and Examinations, which inspects broker-dealers, stock exchanges, credit rating agencies, registered investment companies, including both closed-end and open-end (mutual funds) investment companies, money funds. and Registered Investment Advisors; The Office of International Affairs, which represents the SEC abroad and which negotiates international enforcement information-sharing agreements, develops the SEC's international regulatory policies in areas such as mutual recognition, and helps develop international regulatory standards through organizations such as the International Organization of Securities Commissions and the Financial Stability Forum; The Office of Investor Education and Advocacy, which helps educate the public about securities markets and warns investors of fraud and stock market scams; The Office of Economic Analysis, which helps the SEC estimate the economic costs and benefits of its various rules and regulations; and The Office of Information Technology, which supports the Commission and staff in information technology, including application development, infrastructure operations. and engineering, user support, IT program management, capital planning, security, and enterprise architecture. The Inspector General. The SEC announced in January 2013 that it had named Carl Hoecker the new inspector general.[16][17] He has a staff of 22. https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
Views: 5127 Way Back
SEC Reporting Requirements | CPA Exam FAR
 
15:43
Webiste: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ This recording cover the SEC reporting requirements.
History of the Accounting Standard Setting Process in the U.S.
 
09:23
This video outlines the history of the accounting standard-setting process in the United States. This began with the Securities Act of 1933 and the Securities Exchange Act of 1934, which required publicly-traded firms to file extensive financial disclosures and created the Securities and Exchange Commission to regulate those disclosures. The SEC delegated the responsibility for creating accounting standards to a private organization, the Committee on Accounting Procedure, in 1939. The CAP was the standard-setter until 1959, when it was replaced by the Accounting Principles Board. The APB issued accounting standards until 1973, when it was replaced by the Financial Accounting Standards Board. The FASB has created a conceptual framework to guide the development of accounting standards, and in 2009 it codified the accounting standards to create a single level of GAAP. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 6810 Edspira
Public Company Accounting Oversight Board (PCAOB)
 
04:51
The Public Company Accounting Oversight Board (PCAOB) was created by the Sarbanes-Oxley Act of 2002 to regulate the audit industry. Audit firms that have at least one publicly-traded client must register with the PCAOB, and their audits are subject to periodic inspections by the PCAOB. The PCAOB also creates auditing standards for audits of publicly-traded companies and has enforcement and disciplinary powers over auditing firms. The PCAOB has 5 board members who are appointed to 5-year terms by the Securities and Exchange Commission (SEC). The SEC also oversees the activities of the PCAOB. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 2655 Edspira
SEC Role in Auditing | Auditing and Attestation | CPA Exam | P 8
 
09:58
Understand the role of the Public Company Accounting Oversight Board and the effects of the Sarbanes–Oxley Act on the CPA profession. Triggered by the bankruptcies and alleged audit failures involving such companies as Enron and WorldCom, the Sarbanes–Oxley Act is considered by many to be the most important legislation affecting the auditing profession since the 1933 and 1934 Securities Acts. The provisions of the Act dramatically changed the relationship between publicly held companies and their audit firms. The Sarbanes–Oxley Act established the Public Company Accounting Oversight Board (PCAOB), appointed and overseen by the SEC. The PCAOB provides oversight for auditors of public companies; establishes auditing, attestation, and quality control standards for public company audits; and performs inspections of audit engagements as well as the quality controls at audit firms performing those audits. As a result of the 2010 Dodd-Frank financial reform legislation, auditors of brokers and dealers registered with the Securities and Exchange Commission are also required to register with the PCAOB, are subject to inspections, and must follow PCAOB auditing and attestation standards. The PCAOB conducts inspections of registered accounting firms to assess their compliance with the rules of the PCAOB and SEC, professional standards, and each firm’s own quality control policies. SEC, Securities and exchange commission, Securities Act of 1933, Securities Exchange act of 1934, Form S-1, Form 8-k, Form 10-k form 10-Q
A Conversation with the SEC Chairman and Chief Accountant
 
38:40
At the December 2017 AICPA Conference on Current SEC and PCAOB Developments, Center for Audit Quality Executive Director Cindy Fornelli moderated a conversation with US Securities and Exchange Commission (SEC) Chairman Jay Clayton and Chief Accountant Wesley R. Bricker. The wide-ranging discussion covered topics such as the state of the capital markets, the vital role of public company auditors and audit committees, implementation of new accounting standards, and the regulation of Bitcoin.
Views: 448 AICPA
SEC Financial Reporting and Requirements
 
01:08
Including IFRS Financial Statement Checklist for SMEs
Views: 845 Niccoi Reyes
Work at the Securities and Exchange Commission
 
03:42
The SEC is looking for the best and brightest to help strengthen their team in order to better serve as the investor's advocate. A career with the Securities and Exchange Commission offers . . . Work that is exciting, challenging and meaningful. Experience working on cutting edge issues and an opportunity to make a difference for investors in America. Careers that broaden and deepen your already accomplished knowledge, skills and abilities. Opportunity to contribute to the future of investing in the United States. A challenging environment to work and learn with the nation's experts. Benefits, compensation, training, career expansion and a balance with your personal life.
Extensible Business Reporting Language | Intermediate Accounting | XBRL | CPA Exam FAR
 
09:23
Webiste: www.farhatlectures.com Like us on Facebook: https://www.facebook.com/accountinglectures Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In: https://www.linkedin.com/in/mansour-farhat-cpa-cia-cfe-macc-2453423a/ BRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information. XBRL allows the expression of semantic meaning commonly required in business reporting. The language is XML-based and uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, and Namespaces. One use of XBRL is to define and exchange financial information, such as a financial statement. The XBRL Specification is developed and published by XBRL International, Inc. (XII). XBRL is a standards-based way to communicate and exchange business information between business systems. These communications are defined by metadata set out in taxonomies, which capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning. Information being communicated or exchanged is provided within an XBRL instance. Early users of XBRL included regulators such as the U.S. Federal Deposit Insurance Corporation[2] and the Committee of European Banking Supervisors (CEBS).[3] Common functions in many countries that make use of XBRL include regulators of stock exchanges and securities, banking regulators, business registrars, revenue reporting and tax-filing agencies, and national statistical agencies. A wiki repository of XBRL projects is available to be freely explored and updated.[4] Within the last ten years, the Securities and Exchange Commission (SEC) in the United States, the United Kingdom's HM Revenue and Customs (HMRC), and Companies House, Singapore had begun to require companies to use it, and other regulators were following suit.[5] Development of the SEC's initial US GAAP Taxonomy was led by XBRL US and was accepted and deployed for use by public companies in 2008 in phases, with the largest filers going first: foreign companies which use International Financial Reporting Standards (IFRS) are expected to submit their financial returns to the SEC using XBRL once the IFRS taxonomy has been accepted by the SEC. In the UK in 2011, both HMRC and Companies House accepted XBRL in the iXBRL format. XBRL was adopted by the Ministry of Corporate Affairs (MCA) of India for filing financial and costing information with the Central Government.[6]
The SEC's Investment Company Reporting Modernization Rules and Forms: What You Need to Know
 
54:41
The U.S. Securities and Exchange Commission (SEC) recently adopted sweeping new rules and forms to modernize reporting for registered investment companies (funds). The new requirements will dramatically increase the quantity and type of information that funds will provide to the SEC and investors. This webinar examines key components of the new requirements, as well as highlight issues raised by this new reporting regime, and how the new rules and forms may reflect the SEC’s future policy and examination priorities.
Views: 699 Dechert LLP
SEC & PCAOB Independence Requirements
 
01:27
Please like our Facebook page at https://www.facebook.com/rutgersweb To watch the entire video, go to https://www.youtube.com/watch?v=4gTHpGD1PCg Course Summary: Introduction to the principles and concepts of the audit as an attestation service offered by the accounting profession. Primary emphasis is placed on Generally Accepted Auditing Standards, the role of the CPA/auditor in evidence collection, analytical review procedures and reporting, the CPA/auditor's ethical and legal responsibilities, the role of the Securities and Exchange Commission as well as other constituencies. Audit testing, including statistical sampling, internal control issues, and audit programs are discussed. -- Description: There are different auditing standards for public and nonpublic entities. AICPA Statements on Auditing Standards says that for the audits of public entities, standards issued by the auditing standards board prior to April 2003 not amended or superseded by PCAOB standards (interim standards). For audits of nonpublic entities, all current standards issued by Auditing Standards Board (ASB) apply. The PCAOB Auditing Standards does not deal with the audits of nonpublic entities. For audits of public entities, they state that all current standards issued by the PCAOB apply. Generally accepted auditing standards identify the necessary qualifications and characteristics of auditors and guide the conduct of the audit. The purpose of GAAS is to achieve the following objectives of an audit examination: (1) to obtain reasonable assurance about whether financial statements are free of material misstatement and (2) to report on the financial statements and communicate in accordance with auditor's findings. The responsibilities principle states that an auditor must have competence and capabilities (experience and expertise), independence (independence in fact vs. independence in appearance and financial/managerial relationships), due care (level of performance by reasonable auditor in similar circumstances), and professional skepticism and judgment (skepticism is appropriate for questioning and critical assessment of evidence and judgment is application of training, knowledge, and experience in making informed decisions during the audit). The value of auditing depends heavily on the public's perception of the independence of auditors. A member in public practice shall be independent in the performance of professional services. All covered members are prohibited from owning any direct investments in audit clients. Covered members are individuals on the attest engagement team, individuals in a position to influence the attest engagement, a partner or manager who provides non attest services to the attest client beginning once he or she provides 10 hours of non attest services, a partner in the office in which the lead attest engagement partner primarily practices in connection with the attest engagement, the firm, including the firm's employee benefit plan, and an entity whose operating, financial, or accounting policies can be controlled by any of the individuals or entities described above or by two or more such individuals or entities if they act together. There are several prohibited financial relationships. Direct prohibited financial relationships occur when a covered member has a financial interest in an attest client, such as ownership of stock or a loan to or from the client. A material indirect relationship occurs when a covered member has a financial interest in an entity that is associated with an attest client, for example an investment in a mutual fund that owns the client's stock. An exception to this is certain types of personal loans from financial institutions who are clients are permitted. The independence of a CPA is impaired if the CPA performs a managerial or other significant role for a client's organization during the time period covered by an attest engagement. A firm's independence will be considered to be impaired with respect to a client if a partner or professional employee leaves the firm and is subsequently employed by a client in a key position. The Sarbanes-Oxley Act and several SEC provisions address auditor independence. Prohibited services include bookkeeping and other accounting services, financial information systems design and implementation, appraisal or valuation services, actuarial services, internal audit outsourcing, management of human resource functions, broker, dealer, or investment adviser or investment banker services, legal and expert services unrelated to the audit, and any other service that the PCAOB determines by regulation is impermissible. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
After the SEC XBRL mandate: What's next for IFRS filers?
 
03:34
On March 1, 2017 the U.S. SEC published the IFRS Taxonomy on its website and, consequently, launched a mandate for IFRS companies to submit XBRL files for periodic financial reporting. This XBRL requirement will be mandatory for IFRS financial statements with fiscal periods ending on or after December 15, 2017. Here's what filers must know.
Views: 364 Merrill Corporation
SEC Chair: SEC still studies public company reporting requirements
 
01:18
CNBC's Bob Pisani reports on a statement from SEC Chairman Jay Clayton following President Trump's tweet about asking the regulator to study six-month earnings reports over the current quarterly release cycle.
Views: 167 CNBC Television
What is GAAP?
 
01:55
GAAP stands for Generally Accepted Accounting Principles; these are the standard and commonly accepted ways of recording and reporting accounting. GAAP is the acronym for generally accepted accounting principles. That means the basic accounting principles and guidelines such as the cost principle, matching principle, full disclosure, etc., the detailed standards and other rules issued by the Financial Accounting Standards Board and its predecessor the Accounting Principles Board, and generally accepted industry practices. GAAP must be adhered to when a company distributes its financial statements outside of the company. If a corporation's stock is publicly traded, the financial statements must also adhere to rules established by the overseeing governmental agency. This includes having its financial statements audited by an independent accounting firm. Accountants use generally accepted accounting principles to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession. In 2008, the Securities and Exchange Commission issued a preliminary "roadmap" that may lead the United States to abandon Generally Accepted Accounting Principles in the and to join more than 100 countries around the world instead in using the London-based International Financial Reporting Standard. The SEC expressed their aim to fully adopt International Financial Reporting Standards in the U.S. by 2014. With the convergence of the U.S. GAAP and the international IFRS accounting systems, as the highest authority over International Financial Reporting Standards, the International Accounting Standards Board is becoming more important in the United States. By Barry Norman, Investors Trading Academy
IFRS Summit 2010: Waiting for the Securities and Exchange Commission
 
01:56
Watch the video to hear Sir David Tweedie's thoughts on the importance of the SEC's eventual decision regarding International Financial Reporting Standards (IFRS).
Views: 398 Deloitte US
Generally Accepted Accounting Principles (United States)
 
14:55
Generally Accepted Accounting Principles, USA GAAP or GAAP stands for "generally accepted accounting principles". Although the U.S. Securities and Exchange Commission (SEC) has stated that it intends to move from US GAAP to the International Financial Reporting Standards (IFRS), they differ considerably from GAAP and progress has been slow and uncertain. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 4618 Audiopedia
SEC Disclosure Requirements
 
05:10
SEC Disclosure Requirements- Today is the second Lawcast in a series discussing SEC disclosure requirements. As mentioned in the last Lawcast in this series in September 2015 the SEC Advisory Committee on Small and Emerging Companies met and finalized its recommendation to the SEC regarding changes to the disclosure requirements for smaller publicly traded companies. In formulating its recommendations, the Advisory Committee gave specific consideration to the following facts: • The SEC has provided for simplified disclosure for smaller reporting companies for over 30 years. Under the current rules a “smaller reporting company” is defined as one that, among other things, has a public float of less than $75 million in common equity, or if unable to calculate the public float, has less than $50 million in annual revenues. Similarly, a company is considered a non-accelerated filer if it has a public float of less than $75 million as of the last day of the most recently completely second fiscal quarter. This is the reason that a Form 10-K asks for the value of the public float - i.e. non-affiliated shares – as of the last day of the most recently completely second fiscal quarter. • The JOBS Act, enacted on April 5, 2012, created a new category of company called an “emerging growth company” for which certain scaled-down disclosure requirements apply for up to 5 years after an initial IPO. An emerging growth company is one that has total annual gross revenues of less than $1 billion during its most recent completed fiscal year; and • Emerging growth companies are provided with a number of other accommodations with respect to disclosure requirements that would also be beneficial to smaller reporting companies. The Advisory Committee then made the following specific recommendations: • The SEC should revise the definition of “smaller reporting company” to include companies with a public float of up to $250 million. This will increase the class of companies benefitting from a broad range of benefits to smaller reporting companies, including (i) exemption from the pay ratio rule; (ii) exemption from the Rule 404 auditor attestation requirements; and (iii) exemption from providing a compensation discussion and analysis. • The SEC should revise its rules to align disclosure requirements for smaller reporting companies with those for emerging growth companies. These include (i) exemption from the requirement to conduct shareholder advisory votes on executive compensation and on the frequency of such votes; (ii) exemption from rules requiring mandatory audit firm rotation; (iii) exemption from pay versus performance disclosure; and (iv) allowing delayed compliance with new accounting standards to the date that private companies are required to comply. • The SEC should revise the definition of “accelerated filer” to include companies with a public float of $250 million or more but less than $700 million. As a result, the auditor attestation report under Rule 404(b) would no longer apply to companies with a public float between $75 million and $250 million. • The SEC should exempt smaller reporting companies from XBRL tagging; and • The SEC should exempt smaller reporting companies from filing immaterial attachments to material contracts. In the next Lawcast in this series, I will begin to talk about the newly issued SEC concept release and drill down on their thoughts in advance of rule making. #LawCast
Is the Securities Exchange Commission Effective? Arthur Levitt - Stocks, Investors (1995)
 
32:27
Levitt was appointed to his first five-year term as Chairman of the SEC by President Clinton in July 1993 and reappointed in May 1998. He left the Commission on February 9, 2001, and was succeeded by Harvey Pitt. Levitt has said that he first learned of his being considered for the job from The Wall Street Journal. At the time Levitt came to the SEC, the Financial Accounting Standards Board (FASB) had proposed requiring companies to record stock options on their income statements, which split the accounting industry and was opposed by many in the American business community. According to a Merrill Lynch study, expensing stock options would have reduced profits among leading high-tech companies by 60% on average. Congress began to exert pressure on the FASB, and on May 3, 1994, the Senate, led by Democratic Senator Joe Lieberman, offered a non-binding resolution urging FASB not to adopt the proposed rule; the vote in favor was 88–9. Concerned that insensitivity to this sentiment in Congress might threaten FASB as an independent standard setter, Levitt urged the FASB to not go ahead with the rule proposal. He later said this "was probably the single biggest mistake I made in my years at the SEC."[6] In September 1998 at New York University, he gave a speech entitled "The Numbers Game". It addressed five ways in which corporations were managing earnings (big bath charges, creative acquisition accounting, cookie-jar reserves, materiality, revenue recognition). In his speech, Levitt advocated improving the transparency and comparability of financial statements. In 1997, the SEC under Levitt's leadership approved the exemption of some Enron partnerships from the tight accounting controls of the Investment Company Act of 1940. Without this exemption, critics maintain, the company would have been constrained by strict rules found in 1996 legislation that would have prohibited certain foreign investments and the shifting of debt to its foreign subsidiary shell companies. During Levitt's tenure at the SEC, he was widely viewed as a pro-investor advocate and received favorable press coverage. More recently he has come under criticism for failing to act against 1990s bull market abuses and not uncovering Bernard Madoff's Ponzi scheme. http://en.wikipedia.org/wiki/Arthur_Levitt The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. [3] The enforcement authority it received from Congress enables the SEC to bring civil enforcement actions against individuals or companies alleged to have committed accounting fraud, provided false information, or engaged in insider trading or other violations of the securities law. The SEC also works with criminal law enforcement agencies to prosecute individuals and companies alike for offenses that include a criminal violation. To achieve its mandate, the SEC enforces the statutory requirement that public companies submit quarterly and annual reports, as well as other periodic reports. In addition to annual financial reports, company executives must provide a narrative account, called the "management discussion and analysis" (MD&A), that outlines the previous year of operations and explains how the company fared in that time period. MD&A will usually also touch on the upcoming year, outlining future goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR (the Electronic Data Gathering, Analysis, and Retrieval system) online from which investors can access this and other information filed with the agency. Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is not guaranteed by the federal government. The potential for big gains needs to be weighed against equally likely losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same basic facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud. The SEC makes reports available to the public through the EDGAR system. The SEC also offers publications on investment-related topics for public education. The same online system also takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a strict policy of never commenting on the existence or status of an ongoing investigation. http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
Views: 338 Way Back
Financial Accounting Standards Board
 
09:31
The Financial Accounting Standards Board is a private, non-profit organization whose primary purpose is to establish and improve generally accepted accounting principles within the United States in the public's interest. The Securities and Exchange Commission designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' Accounting Principles Board on July 1, 1973. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 266 Audiopedia
Keynote Speakers: Securities and Exchange Commission
 
01:03:51
Nadia Brannon - Member at Distributed Ledger Technology Working Group, SEC Nadia is an econometrician by training and is a certified fraud examiner. Prior to SEC, she was an executive director with Ernst & Young in San Francisco where she led forensic data analytics practice. Zachary Fallon - Special Counsel in the Office of Small Business Policy, SEC Zachary joined the SEC in 2009 as an Attorney-Advisor in the Office of the General Counsel, and most recently served as Senior Special Counsel to the Director of the Division of Corporation Finance. Victor Hong - Senior Counsel in the Division of Enforcement, SEC Victor has extensive experience investigating and litigating potential securities law violations. Beforehand, he was in private practice with a large New York law firm and a law clerk on the Second Circuit Court of Appeals. Scott Walker - Attorney-Advisor in the Office of Compliance Inspections and Examinations, and member of Distributed Ledger Technology Working Group, SEC Scott's primary focus is on Investment Advisers and Investment Companies. Prior to his work as a regulator, Scott was a Corporate Counsel at Barclays and BlackRock.
The transparency and integrity of financial statements is in the spotlight in Nigeria
 
03:47
(www.abndigital.com) The transparency and integrity of financial statements is in the spotlight in Nigeria, particularly after last year's banking crisis. One the measures that local regulators think is necessary is the adoption of the International Financial Reporting Standard. IFRS is a globally-accepted set of standards by the International Accounting Standards Board. The central bank of Nigeria and the Securities and Exchange Commission have set 2012 as the deadline for the adoption of the standard by Nigerian Banks and listed firms. Wole Fawurewa will be unpacking the issue shortly, but first this background piece by Keisha Gitari.
Views: 1125 CNBCAfrica
Comparison IESBA to SEC and PCAOB
 
01:34
The Summer 2018 issue of Audit Conduct NEWS examines the differences between the new IESBA Code independence provisions for nonaudit services and the SEC and PCAOB independence rules. See http://newsletters.auditconduct.com/18-3-Comparing-International-Independence-Standards-for-Nonaudit-Services-to-SEC-PCAOB-Independence-Rules.pdf
Views: 132 Audit Conduct
The Securities Act of 1933 and the Securities Exchange Act of 1934
 
07:31
This video discusses how the Securities Act of 1933 and the Securities Exchange Act of 1934 affected financial accounting in the United States. These acts created the Securities and Exchange Commission (SEC) and require publicly-traded companies to be registered with the SEC. Publicly-traded companies must file an annual report (the 10-K), a quarterly report (the 10-Q), and a report whenever there is a material event (the 8-K) such as a bankruptcy, change of ownership, etc. This significantly increased the regulation for public companies in the U.S. and increased protections for investors. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 4898 Edspira
PCAOB Role in Auditing | Auditing and Attestation | CPA Exam
 
06:14
Understand the role of the Public Company Accounting Oversight Board and the effects of the Sarbanes–Oxley Act on the CPA profession. Triggered by the bankruptcies and alleged audit failures involving such companies as Enron and WorldCom, the Sarbanes–Oxley Act is considered by many to be the most important legislation affecting the auditing profession since the 1933 and 1934 Securities Acts. The provisions of the Act dramatically changed the relationship between publicly held companies and their audit firms. The Sarbanes–Oxley Act established the Public Company Accounting Oversight Board (PCAOB), appointed and overseen by the SEC. The PCAOB provides oversight for auditors of public companies; establishes auditing, attestation, and quality control standards for public company audits; and performs inspections of audit engagements as well as the quality controls at audit firms performing those audits. As a result of the 2010 Dodd-Frank financial reform legislation, auditors of brokers and dealers registered with the Securities and Exchange Commission are also required to register with the PCAOB, are subject to inspections, and must follow PCAOB auditing and attestation standards. The PCAOB conducts inspections of registered accounting firms to assess their compliance with the rules of the PCAOB and SEC, professional standards, and each firm’s own quality control policies.
GAAP, FASB Codification - CPA FAR Review
 
01:58
Also available on: http://faithfulrunneredu.blogspot.com/2016/01/gaap-fasb-codification-cpa-far-review.html What is the composition of GAAP? Principles, methods, and procedures that are generally accepted by the accounting profession Majority of GAAP pronouncements are issued by which organization(s)? Principles, methods, and procedures that are generally accepted by the accounting profession Majority of GAAP pronouncements are issued by which organization(s)? * Committee on Accounting Procedure (CAP) * Accounting Principles Board (APB) * Financial Accounting Standards Board (FASB) What is the sole source of authoritative U.S. GAAP for nongovernmental entities, except for SEC guidance? The FASB Accounting Standards Codification How many levels of hierarchy does the Codification have? * One level * There is no hierarchy for GAAP What are the nonauthoritative GAAP? Accounting and financial reporting practices EXCLUDED from the Codification. What is the purpose of the Codification? To compile GAAP in an structured electronic form, organized by major area and topic. What does the Codification exclude? * Other Comprehensive Basis of Accounting * Cash Basis * Income Tax Basis * Regulatory Accounting Principles * NOT limited to above __________________________________________________________________________________________________________________________________ Why Ford Is A Solid Investment x-men days of future past trailer __________________________________________________________________________________________________________________________________ Financial accounting and reporting is concerned with providing relevant information to investors and creditors (and other parties) for the purpose of making informed resource allocation decisions. These decisions are, in the main, whether to invest in a firm or to lend money to it. Financial information is disseminated in many forms including news releases, prospectuses for future securities offerings, filings with the Securities and Exchange Commission (SEC), and annual reports to shareholders. Financial statements are the culmination of the accounting process and represent the most comprehensive financial information disclosures made by firms. The footnotes and other textual and tabular information provide supplementary information and help to explain the amounts disclosed in those statements. To ensure that financial reporting meets these objectives, a set of reporting rules called GAAP has been created. GAAP primarily address three aspects of financial reporting. GAAP affects what is disclosed in financial statements and in what amount. For example, GAAP requires that many assets be reported at their historical cost, rather than at current market value. Without a relatively uniform set of GAAP, business entities would be free to report whatever amounts they desired. The FASB is currently the standard-setting body in the United States. The Securities and Exchange Commission (SEC) is the federal government agency that administers the securities laws of the U.S. These laws affect firms that issue debt and equity securities to the public. Such firms register with the SEC and are called "registrants." The financial statements of these firms must be filed with the SEC and must be audited by independent third parties (CPA firms). The American Institute of Certified Public Accountants (AICPA) is the national professional organization for practicing CPAs and has had a great impact on accounting principles over the years. The mission of the AICPA is to provide its members with resources, information, and leadership so that they may in turn provide valuable services for the benefit of their clients, employers, and the general public. The FASB is one of three parts of the current accounting standard-setting mechanism in the U.S. The other two are the Financial Accounting Foundation (FAF) - the parent body, and the Financial Accounting Standards Advisory Council (FASAC): 1. FAF - appoints the members of the FASB and its advisory councils, ensures adequate funding for the FASB, and exercises oversight over the FASB. Funding sources include fees levied on publicly traded firms under the Sarbanes-Oxley Act, contributions, and publication sales. The trustees of the FAF are appointed from organizations with an interest in accounting standards. 2. FASB - establishes financial accounting standards for business entities. The FASB is an independent body, subject only to the FAF. 3. FASAC - provides guidance on major policy issues, project priorities, and the formation of task forces. Former East German First Lady Margot Honecker Dies in Chile
Views: 5474 Faithful Runner
GAAP, SEC, AICPA Role in Accounting Governance | Financial Accounting | CPA Exam FAR | Ch 1 P 2
 
29:53
This video discusses the role of SEC, AICPA in setting the accounting standards generally accepted accounting principles GAAP. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]
The Resistance to Change from USGAAP to IFRS
 
27:18
The purpose of this dissertation was to investigate the resistance to change from U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS). The study involved an in-depth examination of the technical similarities and differences that exist under GAAP and IFRS. The researcher selected a qualitative research method approach that involved triangulation of individual interviews and a focus group discussion. The focus group discussion provided a great advantage to the research study because the researcher was able to gather responses from several participants related to the issue under study at one time. Triangulation helped the researcher increase validity and reduce subjectivity in understanding the resistance to change from rules-based to principles-based standards. The number of countries that have officially adopted IFRS as a singular accounting language is 138 (IFRS Foundation, 2013). The Securities and Exchange Commission (SEC), the Financial Accounting Standard Board (FASB), and the International Accounting Standard Board (IASB) have determined that IFRS should be adopted optionally in the United States by 2016. The Results suggest IFRS should act as a singular accounting language, which will promote high transparency and a better economic position in the world financial market. Future research should focus on understanding the cross-cultural psychological effects of the adoption of principles-based and the relevance of corporate social responsibility by reshaping economic and global political forces.
Views: 473 Edel Lemus
Chairman Schapiro's Opening Statement at Open Meeting on Global Accounting Standards
 
04:27
Chairman Schapiro's Opening Statement at Open Meeting on Global Accounting Standards on February 24, 2010.
financial reports and recording financial transactions 3
 
34:25
financial reports and recording financial transactions 3. Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet. Companies issue financial statements on a routine schedule. The statements are considered external because they are given to people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders. If a corporation's stock is publicly traded, however, its financial statements (and other financial reportings) tend to be widely circulated, and information will likely reach secondary recipients such as competitors, customers, employees, labor organizations, and investment analysts. It's important to point out that the purpose of financial accounting is not to report the value of a company. Rather, its purpose is to provide enough information for others to assess the value of a company for themselves. Because external financial statements are used by a variety of people in a variety of ways, financial accounting has common rules known as accounting standards and as generally accepted accounting principles (GAAP). In the U.S., the Financial Accounting Standards Board (FASB) is the organization that develops the accounting standards and principles. Corporations whose stock is publicly traded must also comply with the reporting requirements of the Securities and Exchange Commission (SEC), an agency of the U.S. government.
Views: 16085 be ngo
What are Generally Accepted Accounting Principles?
 
14:54
What are Generally Accepted Accounting Principles? Generally Accepted Accounting Principles, also called GAAP or US GAAP, is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC has stated that it intends to move from US GAAP to the International Financial Reporting Standards (IFRS), the latter differ considerably from GAAP and progress has been slow and uncertain. The Financial Accounting Standards Board (FASB) has published US GAAP in Extensible Business Reporting Language (XBRL) beginning in 2008. History: Auditors took the leading role in developing GAAP for business enterprises. Accounting standards have historically been set by the American Institute of Certified Public Accountants (AICPA) subject to Securities and Exchange Commission regulations. The AICPA first created the Committee on Accounting Procedure in 1939 and replaced that with the Accounting Principles Board in 1959. In 1973, the Accounting Principles Board was replaced by the Financial Accounting Standards Board (FASB) under the supervision of the Financial Accounting Foundation with the Financial Accounting Standards Advisory Council serving to advise and provide input on the accounting standards. Other organizations involved in determining United States accounting standards include the Governmental Accounting Standards Board (GASB), formed in 1984; and the Federal Accounting Standards Advisory Board (FASAB), formed in 1990. Circa 2008, the FASB issued the FASB Accounting Standards Codification, which reorganized the thousands of US GAAP pronouncements into roughly 90 accounting topics. ………………………………………………………………………………….. Sources: Text: Text of this video has been taken from Wikipedia, which is available under the Creative Commons Attribution-ShareAlike License
Views: 34 Free Audio Books
Quarterly SEC Update for Accountants (QSEC)
 
01:24
Overview The United States Securities and Exchange Commission (SEC) is the prime regulator of capital markets in the United States. Whether your company is an SEC registrant, contemplating a securities offering or you are a CPA who provides services to an SEC client, you need to stay up to date on what is going on at the SEC, especially with a potential change in direction due to the new Trump Administration. In this quarterly two-hour update, we’ll explore the key topics on the SEC agenda, such as non-GAAP disclosures, Executive Pay and other Disclosures, and other initiatives to both safeguard investors as well as increase access to markets. Also, with so many new accounting Updates becoming effective over the next few years, we’ll explore recent SEC guidance on SAB 74 disclosures and other SEC feedback on implementing new standards that will be valuable for both registrants and non-filers alike. If you are involved with SEC matters or clients, or just want to stay on top of the latest accounting regulatory news, this is the course for you. Major Topics: SEC guidance in the areas of financial accounting and reporting Other SEC rules and regulations with which entities will need to comply Other issues related to the SEC Learning Objectives Recall recent SEC accounting and reporting guidance Describe recent regulatory activity at the SEC Recall other issues currently being deliberated by the SEC Designed for: Accounting and auditing practitioners and industry financial professionals at all levels desiring to understand the rules and regulations of the United States Securities and Exchange Commission PREREQUISITE: Experience in accounting and auditing issued related to publicly traded companies ADVANCED PREPARATION: None
Views: 16 Surgent CPE
SEC Reporting Requirements
 
05:34
SEC Reporting Requirements- Today is the continuation in a Lawcast series discussing SEC disclosure requirements and in particular the 341 page Regulation S-K concept release and request for public comment issued by the SEC on April 15, 2016. SEC Reporting Requirements... Laura Anthony, Esq. Founding Partner Legal & Compliance LLC. 330 Clematis Street, Ste. 217 West Palm Beach, FL 33401 Phone: Toll Free: (800) 341-2684 FREE Local: (561) 514-0936 Email: [email protected] #LawCast
US GAAP -- An introduction
 
06:40
This discussion focuses on the financial statement aspects of listing in the US and other considerations a public company needs to make whilst operating under the US Securities and Exchange Commission.
Views: 9544 KPMGUK
What Is The Meaning Of Accounting Standards?
 
00:29
Accounting standards meaning, nature and meritsaccounting definition meaning. These standards vary across the globe and are typically overseen by some combination of private accounting profession in that specific nation various government definition a set standard rules accountancy companies obliged to follow. Accounting standard investopedia accounting investopedia terms a. Securities and exchange commission, or sec, to establish the accounting procedures used by private industry in united states. Concept of accounting standards we know that generally accepted principles (gaap) aims at bringing uniformity and comparability in the financial statements. The modern field was established by the italian mathematician luca pacioli in 1494. Definition of accounting standards codification what are. An accounting standard is a guideline for financial accounting, such as how firm prepares and presents its business income, expenses, assets liabilities, may be in accordance to standards set by the international board (iasb) 30 sep 2017 definition are rules guidelines up governing bodies, like fasb iasb, keep practices consistent understandable across all companies industries read this article learn about concept, meaning, nature objectives of. What is the meaning of accounting standards? Youtube. Adb the financial accounting standards board, fasb, is a private, independent organization that since 1973 has been given authority by u. It can be seen that at many places, gaap permits 2 jul 2017accounting standard synonyms, accounting pronunciation, translation, english dictionary definition of standardaccounting a principle governs current practice and is used as reference to determine the standards uk term for financial rule describes how information company or organization must recorded. Asp "imx0m" url? Q webcache. Meaning of accounting standards in literature used to be generally known as principles a few years back. Accounting, which has been called the 'language of business', adb oecd anti corruption initiative for asia and pacific. The institute will issue accounting standards for use in presentation of general purpose financial statements issued to public by such commercial, industrial or business enterprises as may be specified from time and subject attest function its members. The objective of such the purpose this paper is to explore impact on communication changes in an accounting standard arising from transition international financial reporting standards. The credit goes to english people in england who introduced the term 'standard' by setting up their financial statements prepared and presented a company typically follow an external standard that specifically guides preparation. Rd master training seminar, february 2005definition and enforcement of15 2005financial mgmt spec. Learn more let us make an in depth study of the meaning, nature and merits accounting standards. Definition and enforcement of international accounting standards. The te
Views: 46 E Market
Financial Accounting Standards Advisory Council Meeting - Friday June 8, 2018
 
02:57:11
The Advisory Council will meet to discuss: 1. Financial performance reporting—disaggregation of performance information 2. Subsequent accounting for goodwill and possible decision-making factors. The Advisory Council also will hear highlights from: 1. The FASB chairman 2. A representative of the Securities and Exchange Commission’s Office of the Chief Accountant 3. A representative of the Public Company Accounting Oversight Board’s Office of the Chief Auditor All of the general sessions of the meeting will be available for public observation. The Advisory Council will hold break-out group sessions from 9:05 – 10:15 a.m. and 12:45 – 1:50 p.m. These break-out group sessions will not be available for public observation; however, the Advisory Council will discuss a summary of the break-out group discussions in the general sessions scheduled to begin at 10:30 a.m. and at 1:55 p.m.
What is EARNINGS MANAGEMENT? What does EARNINGS MANAGEMENT mean?
 
04:11
What is EARNINGS MANAGEMENT? What does EARNINGS MANAGEMENT mean? EARNINGS MANAGEMENT meaning - EARNINGS MANAGEMENT definition - EARNINGS MANAGEMENT explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license Earnings management, in accounting, is the act of intentionally influencing the process of financial reporting to obtain some private gain. Earnings management involves the alteration of financial reports to mislead stakeholders about the organization's underlying performance, or to "influence contractual outcomes that depend on reported accounting numbers." Earnings management has a negative effect on earnings quality, and may weaken the credibility of financial reporting. Furthermore, in a 1998 speech Securities and Exchange Commission chairman Arthur Levitt called earnings management "widespread". Despite its pervasiveness, the complexity of accounting rules can make earnings management difficult for individual investors to detect. Earnings management is believed to be widespread. A 1990 report on earnings management situations stated that "short-term earnings are being managed in many, if not all companies", and in a 1998 speech, Securities and Exchange Commission (SEC) chairman Arthur Levitt called earnings management a "widespread, but too little-challenged custom". In a 2013 essay, Ray Ball, while opining that accounting research was not reliably documenting earnings management, wrote: "Of course earnings management goes on. People have been tried and convicted." The SEC has criticized earnings management as having adverse consequences for financial reporting, and for masking "the true consequences of management's decisions". It has called on standard-setters to make changes to accounting standards to improve financial statement transparency, and has called for increased oversight over the financial reporting process. The SEC has also pressed charges against the management of firms involved in fraudulent earnings management. Earnings management involves the manipulation of company earnings towards a pre-determined target. This target can be motivated by a preference for more stable earnings, in which case management is said to be carrying out income smoothing. Opportunistic income smoothing can in turn signal lower risk and increase a firm's market value. Other possible motivations for earnings management include the need to maintain the levels of certain accounting ratios due to debt covenants, and the pressure to maintain increasing earnings and to beat analyst targets. Earnings management may involve exploiting opportunities to make accounting decisions that change the earnings figure reported on the financial statements. Accounting decisions can in turn affect earnings because they can influence the timing of transactions and the estimates used in financial reporting. For example, a comparatively small change in the estimates for uncollectible accounts can have a significant effect on net income, and a company using last-in, first-out accounting for inventories can increase net income in times of rising prices by delaying purchases to future periods. Earnings management may be difficult for individual investors to detect due to the complexity of accounting rules, although accounting researchers have proposed several methods. For example, research has shown that firms with large accruals and weak governance structures are more likely to be engaging in earnings management. More recent research suggested that linguistics-based methods can detect financial manipulation, for example studies in 2012 found that whether a subsequent irregularity or deceptive restatement occurred is related to the linguistics used by top management in earnings conference calls.
Views: 2924 The Audiopedia
Business Law II - Professor Sharma (Lecture 9, Chapters 41 & 42 - 04.18.2015)
 
01:11:23
Business Law II: Professor Sharma Lecture #9, Chapters 41 & 42 Chapter 41: Investor Protection, E-Securities, and Wall Street Reform & Chapter 42: Ethics and Social Responsibility of Business Date: April 18, 2015 Please visit our website at http://raw.rutgers.edu Time Stamps: 0:23 Securities and Exchange Commission (SEC) 3:39 Definition of a Security 4:37 Initial Public Offering: Securities Act of 1933 14:08 Securities Exempt from Registration 15:17 Transactions Exempt from Registration 27:10 Sarbanes-Oxley Act 30:22 Securities Exchange Act of 1934 31:48 Section 10(b) and Rule 10b-5 34:46 Violations of 1934 Act 39:26 Case 41.1: Insider Trading 44:15 Short-Swing Profits 46:43 Section 16(b) 48:07 State Securities Laws 48:47 Law and Ethics 51:58 Moral Theories of Business Ethics 52:48 Summary of Moral Theories 54:50 Social Responsibility of Business 56:48 Theories of Social Responsibililty 57:33 Maximizing Profits 58:59 Case 42.1: U.S. Supreme Court Business Ethics 1:00:40 Moral Minimum 1:05:58 Case 42.2: U.S. Supreme Court Corporate Political Speech and Ethics 1:08:28 Corporate Citizenship Summary of Lecture: The Securities and Exchange Commission is a federal administrative agency empowered to administer federal securities laws. A common security are interests or instruments that is common stock, bond, debenture or warrant. A statutorily defined security is an interest or instrument mentioned in securities acts. Investment contract is a flexible standard for defining a security. The Securities Act of 1933 primarily regulates the issuance of securities by a corporation, limited partnerships, and associations. Nonissuer exemption are security transactions not made by the issuer, and do not have to be registered with the SEC. Intrastate offering exemption permits local businesses to raise capital from local investors without registering with SEC. Private placement exemption permits issuers to raise capital from unlimited number of accredited investors without registering with SEC. The law permits no more than thirty-five nonaccredited investors to purchase securities. Small offering exemption permits sale of securities not exceeding $1 million during twelve-month period. The Sarbanes-Oxley Act establishes rules for separation of investment banking and securities advice functions of securities firms to eliminate conflicts of interest. The Securities Exchange Act of 1934 primarily regulates trading in securities, provides for registration of companies with SEC, filing of periodic reports by companies, and regulation of security exchanges, brokers, and dealers. A statutory insider is a person who is an executive officer, director, or a 10-percent shareholder of an equity security of the company. Ethics are a set of moral principles or values that governs the conduct of an individual or group. Social Responsibility of Business is a theory that requires corporation and businesses to act with awareness of the consequences and impact that their decisions will have on others. Please subscribe to our channel to get the latest updates on the RU Digital Library. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
EY Partner: Slow Progress Toward Global Convergence on Accounting Standards
 
04:21
Serena Wolfe, partner at professional services firm EY, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix. Wolfe commented on the possibility of reaching global convergence on accounting standards. “We as a firm are fully supportive of a single set of high-quality financial standards that are applied globally,” she said. “I think we are moving towards that.” Wolfe noted that if the Securities and Exchange Commission (SEC) decides to champion convergence, it is likely that it would seek more targeted convergence on specific standards, rather than a broader approach. “I think it will come, but it will be slow and a bit more specific,” Wolfe said. Meanwhile, Wolfe said both Mortgage and Equity REITs are likely to be impacted by upcoming amendments from the Financial Accounting Standards Board (FASB) concerning guidance on the impairment of financial instruments. The proposed amendments would introduce a new impairment model based on expected losses, rather than incurred losses. “Impairment is going to be very significant for Mortgage REITs because of the type of products they invest in,” Wolfe said. At the same time, Equity REITs are likely to have to make major changes to their systems and controls to adapt to the new rules, she said. 4/27/2015 | By Sarah Borchersen-Keto
Views: 594 Nareit1
financial reporting 101, understanding financial reporting basics and fundamentals
 
01:24:42
financial reporting 101, understanding financial reporting basics and fundamentals. Financial reporting is a vital part of corporate governance. In this lesson, you'll learn what financial reporting is, its primary components, its purpose, and be provided with some examples. Financial Reporting Defined: Financial reporting involves the disclosure of financial information to management and the public (if the company is publicly traded) about how the company is performing over a specific period of time. Financial reports are usually issued on a quarterly and annual basis. This is different from management reporting, which is financial information that is disclosed to those inside the company to be used to make decisions within the company. Financial reports are included in a public company's annual report. Purpose: Financial reporting serves two primary purposes. First, it helps management to engage in effective decision-making concerning the company's objectives and overall strategies. The data disclosed in the reports can help management discern the strengths and weaknesses of the company, as well as its overall financial health. Second, financial reporting provides vital information about the financial health and activities of the company to its stakeholders including its shareholders, potential investors, consumers, and government regulators. It's a means of ensuring that the company is being run appropriately. You should note that if a company is publicly traded, it is subject to some very strict reporting regulations enforced by the Securities and Exchange Commission (SEC). Financial Statements and Analysis Let's take a look at the primary financial statements used in financial reporting and what each will tell you about the company. A balance sheet is a snapshot of what the company owns and how it financed what it owns, through borrowing or through the company owners' investments. Now, let's look at it in a more technical sense. A balance sheet is based on the standard accounting model: Assets = Liabilities + Equity. The balance sheet breaks down these components and reports the company's assets, liabilities, and equity.
"The Banks Own Us" - Former Chief Accountant of the SEC Lynn Turner
 
08:11
"In essence, Congress was putting handcuffs not on the people breaking the law, but on the agencies who were responsible for enforcing the laws." Lynn E. Turner, former Chief Accountant of the US Securities & Exchange Commission, sits down with New Economic Perspectives to discuss the current financial crisis and why so few bankers have been prosecuted. http://neweconomicperspectives.blogspot.com @deficitowl
How Not to Lose Money in the Stock Market: Investors, Wall Street & Your Financial Future (2003)
 
01:11:59
Arthur Levitt, Jr. (born February 3, 1931) was the twenty-fifth and longest-serving Chairman of the United States Securities and Exchange Commission (SEC) from 1993 to 2001. About the book: https://www.amazon.com/gp/product/0375421785/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0375421785&linkCode=as2&tag=tra0c7-20&linkId=ad7ee1bc6cd2e4fee32b8e3defc77d01 Widely hailed as a champion of the individual investor, he has been criticized for not pushing for tougher accounting rules. Since May 2001 he has been employed as a senior adviser at the Carlyle Group. Levitt also serves as a policy advisor to Goldman Sachs and as a Director of Bloomberg LP, parent of Bloomberg News. Growing up in a Jewish family in Brooklyn, Levitt received his first exposure to the world of finance through his father, Arthur Levitt, Sr., who served as New York State Comptroller for 24 years and was sole trustee of the largest pension fund in America at the time. While in Brooklyn, he attended and graduated from Poly Prep Country Day School in 1948. Subsequently, Levitt graduated Phi Beta Kappa from Williams College in 1952, before serving for two years in the Air Force. He first worked as a drama critic for The Berkshire Eagle, and after the Air Force, he was with Time-Life for five years before selling cattle and ranches as tax shelters. In 1963, Levitt joined the relatively young brokerage firm Carter, Berlind & Weill, founded just three years earlier by Sanford I. Weill.[3] Levitt's name was eventually added to the firm's when it was renamed Cogan, Berlind, Weill & Levitt in the mid-1960s although through a series of mergers the firm eventually evolved into Shearson Loeb Rhoades. This experience with retail customers was a source of his interest in the small investor. After sixteen years on Wall Street, Levitt became the Chairman of the American Stock Exchange (AMEX) in 1978. In 1989, he left the AMEX to serve as Chairman of the New York City Economic Development Corporation until 1993. Before joining the SEC, Levitt owned Roll Call, a newspaper that covers Capitol Hill, which he purchased from the paper's founder, Sid Yudain, in 1986. Levitt was appointed to his first five-year term as Chairman of the SEC by President Clinton in July 1993 and reappointed in May 1998. He left the Commission on February 9, 2001, and was succeeded by Harvey Pitt. Levitt has said that he first learned of his being considered for the job from The Wall Street Journal. At the time Levitt came to the SEC, the Financial Accounting Standards Board (FASB) had proposed requiring companies to record stock options on their income statements, which split the accounting industry and was opposed by many in the American business community. According to a Merrill Lynch study, expensing stock options would have reduced profits among leading high-tech companies by 60% on average. Congress began to exert pressure on the FASB, and on May 3, 1994, the Senate, led by Democratic Senator Joe Lieberman, offered a non-binding resolution urging FASB not to adopt the proposed rule; the vote in favor was 88-9. Concerned that insensitivity to this sentiment in Congress might threaten FASB as an independent standard setter, Levitt urged the FASB to not go ahead with the rule proposal. He later said this "was probably the single biggest mistake I made in my years at the SEC."[5] In September 1998 at New York University, he gave a speech entitled "The Numbers Game". It addressed five ways in which corporations were managing earnings (big bath charges, creative acquisition accounting, cookie-jar reserves, materiality, revenue recognition). In his speech, Levitt advocated improving the transparency and comparability of financial statements. In 1997, the SEC under Levitt's leadership approved the exemption of some Enron partnerships from the tight accounting controls of the Investment Company Act of 1940. Without this exemption, critics maintain, the company would have been constrained by strict rules found in 1996 legislation that would have prohibited certain foreign investments and the shifting of debt to its foreign subsidiary shell companies. During Levitt's tenure at the SEC, he was widely viewed as a pro-investor advocate and received favorable press coverage. More recently he has come under criticism for failing to act against 1990s bull market abuses and not uncovering Bernard Madoff's Ponzi scheme. Mr. Levitt serves on the Board of Directors for RiskMetrics Group. In 2005, Levitt was named a special advisor to the American International Group's board of directors and the board's nominating and corporate governance committee following the resignation of CEO and Chairman Maurice "Hank" Greenberg, who left after an investigation into the firm's accounting practices by New York Attorney General Eliot Spitzer. http://en.wikipedia.org/wiki/Arthur_Levitt
Views: 1000 The Film Archives
Bloomberg Sustainable Business Summit - Making Sustainable Business a C-Suite Priority
 
22:53
* Mauricio Gutierrez, Chief Operating Officer, NRG * Mary Schapiro, Co-Chair, Sustainability Accounting Standards Board; Former Chairperson, U.S. Securities and Exchange Commission Interviewed by: * Curtis Ravenel, Head of Sustainable Business Programs, Bloomberg LP
Views: 410 Bloomberg BNA
Pounder: Where Standards Setters Fall Short
 
01:25
Bruce Pounder is President of Leveraged Logic™, a leader in the development and delivery of educational products and services for financial professionals. His areas of expertise include corporate financial reporting, the global convergence of financial reporting standards, and ethics in the accounting profession. Since founding Leveraged Logic in 1988, Bruce has presented accounting and finance seminars to thousands of professionals around the world. His seminar participants have come from the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), the Internal Revenue Service (IRS), each of the ten largest U.S. accounting firms, and many "Global 500" companies. Prior to founding his firm, Bruce worked for several global companies including Eastman Kodak, IBM, Pennzoil, and Exxon. Currently, he hosts "This Week in Accounting," an online seminar series conducted live in the CPEanywhere™ Virtual Classroom. Bruce is the author of the 2010 U.S. Master GAAP Guide (CCH) and the Convergence Guidebook for Corporate Financial Reporting (Wiley). He also writes the "IFRS in Perspective" blog, the monthly "Financial Reporting" column for Strategic Finance magazine, and other articles that regularly appear online and in print publications reaching hundreds of thousands of accounting and finance professionals.r 23, 2009 using FlipShare.
Views: 56 CPA Trendlines
SEC Notice on IFRS Taxonomy: What It Means for FPIs, XBRL Providers & Data Users
 
01:05:36
Watch this webinar replay to learn more about implications of the posting of the IFRS Taxonomy by the Securities and Exchange Commission. How will this impact foreign private issuers, tool and service providers and data consumers? See an online review of the IFRS taxonomy and hear an explanation of differences between the US GAAP and IFRS Taxonomies.
Views: 534 XBRL US
FMN: The SEC Speaks - From GAAP to Non-GAAP
 
01:36
FMN March 2017 - Segment 2 Wes Brinker on Internal Control over Financial Reporting (ICFR) As part of its mission, the SEC's Office of Chief Accountant ensures that financial statements are presented fairly. Despite our coverage earlier this year, you may be surprised to learn that the Securities and Exchange Commission is not "anti-non-GAAP." In his presentation on recent initiatives to enhance the transparency and relevancy of financial reporting, Wesley Bricker - the SEC's Chief Accountant - insists that non-GAAP metrics must supplement, rather than supplant, GAAP performance measures. Learn more about this class at https://ecampus.smartpros.com/modules/Catalog/CourseDetails.aspx?CourseGroupID=2476&productgroupid=19229
Views: 41 SmartPros Ltd.
SEC & IFRS Taxonomy: Implications for FPIs, XBRL Providers & Data Users (session II)
 
01:02:13
Get more answers to your questions about complying with the SEC requirement that foreign private issuers file using the IFRS XBRL Taxonomy. This 50 minute session covers additional questions and builds on topics discussed in the April 5, 2017 session.
Views: 306 XBRL US
The SEC's War on Non-GAAP Measures
 
14:06
On this episode of The Big CPA Show podcast, learn about the SEC's new guidance concerning non-GAAP measures. -Video Upload powered by https://www.TunesToTube.com
Views: 103 Sam Shafer