Financial Reporting and SEC Enforcement Update for 2013
In a two-hour LIVE webcast, a panel of thought leaders and speaker experts assembled by The Knowledge Group, will discuss technical and policy presentations regarding the significant topics surrounding financial reporting for 2013. They will offer valuable information and insights regarding the most important issues in the mix including:
- IFRS and FASB Current projects
- SEC areas of interest including
- Loss contingencies
- SEC areas of interest as seen through Enforcement cases
- Revenue recognition
- Loss avoidance
- International/cross-border fraud
- Internal accounting controls
- Audit committee oversight
- Deceiving external auditors
- XBRL or Interactive Data requirements of the SEC
- Integrated Reporting and Other Global Stock Exchanges
This is a great way to get yourself up to speed regarding the most significant compliance related issues of 2013.
John O’Rourke, Vice President, Product Marketing,
The slow adoption of IFRS rules into US GAAP means companies will need to support multi-GAAP reporting for a long time
- Integrating XBRL-based regulatory reporting into the financial close and reporting cycle reduces costs and improves the accuracy of filings.
- The global move towards Integrated Reporting will improve stakeholder communications, but will cause public companies to expand the scope of their quarter end data collection and reporting process.
Patricia Woodbury, Managing Director,
The Division of Corporation Finance, through its comment process will focus on several financial reporting areas in 2013. While the 2013 SEC “hot topics” may relate to familiar topics, the focus of the Staff is often nuanced. Some of these include:
- Fair value measurement and the use of pricing services
- Internal control over financial reporting
- Goodwill impairment accounting and disclosure
- Income tax valuation allowance
- Loss contingencies
- Revenue recognition
David B. Hardison, Partner,
Fried, Frank, Harris, Shriver & Jacobson LLP
- Under SEC Chairman Mary Schapiro and SEC Enforcement Director Rob Khuzami, the SEC’s Enforcement Division was significantly reorganized to streamline the management structure, create specialized units, and establish new cooperative initiatives for those voluntarily providing the Commission with information regarding potential securities law violations.
- Although the number of financial statement and accounting fraud cases brought by the SEC has decreased in absolute numbers in recent years, SEC representatives have emphasized that such cases remain a “core focus” for the Commission.
- Many of the SEC’s enforcement cases in the post-financial crisis era have involved the inadequate recognition of loan/asset impairments by financial firms, which in the SEC’s opinion have employed “extend-and-pretend” or “delay-and-pray” strategies to avoid taking losses and fully disclosing their loan and subprime mortgage exposures.
- Recent SEC accounting and reporting “hot buttons” from an enforcement perspective have included matters involving revenue recognition, loss avoidance, international or cross-border fraud, the adequacy of internal accounting controls, the sufficiency of audit committee oversight, and alleges misrepresentations by corporate officers to outside auditors.
- On a prospective basis, key areas of interest to observers of the SEC’s enforcement program, as it relates to financial reporting and accounting issues, are enforcement proceedings arising from tips received by the SEC under the Dodd-Frank whistleblower rules, as well as the implications of the JOBS Act signed by President Obama in April 2012.
Who Should Attend:
- Compliance Professionals
- Senior Management
- Finance Professionals
- And Other Related Professionals with Financial Reporting Functions
John O’Rourke is Vice President of Product Marketing at Oracle Corporation, focusing on Enterprise Performance Management (EPM) applications. With a background in accounting and finance, John has over 25 years of experience in the software industry, and 15 years of experience in Product Marketing at Hyperion Solutions and Oracle. He has worked with many customers and partners on financial reporting and planning initiatives and has spoken and written on many topics in enterprise performance management. John has also held positions in strategic marketing and product marketing at Dun & Bradstreet Software, and Kenan Systems. John has a BS degree in accounting from Bentley University and an MBA from Boston College.
John O’Rourke is Vice President of Product Marketing at Oracle Corporation, focusing on Enterprise Performance Management (EPM) applications. With a …
Pat Woodbury is a managing director in the FTI Consulting Forensic and Litigation Consulting practice and is based in Washington, DC. Ms. Woodbury has more than 25 years of experience gained at the Public Company Accounting Oversight Board (PCAOB), the U.S. Securities and Exchange Commission (SEC), corporate financial management and public accounting. She provides expert and consulting services and litigation support related to technical and forensic accounting, auditing, financial reporting, professional responsibility and SEC related issues. Ms. Woodbury’s experience includes assisting companies with the analysis, accounting and disclosure for various complex transactions including financing, acquisitions and divestitures across a variety of industries such as manufacturing, pharmaceutical, energy, high technology, leisure and financial. She has assisted companies in responding to comments raised by the SEC’s Division of Corporation Finance and other communications with the SEC. She has advised companies on accounting issues such as revenue recognition, asset impairment, inventory, financial instruments, allowance for loan losses and the issuance of debt and equity instruments. In addition, Ms. Woodbury has provided assistance to public and pre-IPO companies with SEC filings, including “pre-reviews” prior to filing and advised registered accounting firms in their interactions with the PCAOB.
Pat Woodbury is a managing director in the FTI Consulting Forensic and Litigation Consulting practice and is based in Washington, …
David B. Hardison is co-head of Fried Frank’s Professional Services Defense and Counseling practice area. He concentrates his practice in securities enforcement, regulation and litigation. He counsels public companies and their officers and directors on their regulatory and disclosure obligations and represents clients before the US Securities and Exchange Commission. He has particular experience in cases involving complex accounting, auditing and financial reporting issues. Mr. Hardison has also advised each of the “Big Four” accounting firms and the American Institute of Certified Public Accountants on issues relating to scope of services and auditor independence, and has represented both accounting firms and individual audit partners in connection with SEC, PCAOB and other regulatory inquiries. Mr. Hardison has authored numerous articles on current issues arising under the federal securities and banking laws and is a frequent speaker on securities and accountancy law.
David B. Hardison is co-head of Fried Frank’s Professional Services Defense and Counseling practice area. He concentrates his practice in …
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About Oracle Corporation
Oracle Corporation (NASDAQ: ORCL) is the world’s largest enterprise software company. With the market-leading Hyperion enterprise performance management suite, world class financial applications, and integrated governance, risk and compliance solutions Oracle helps finance executives maximize potential and deliver results for their organizations. For more information about Oracle’s Solutions, visit us at www.oracle.com
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. FTI Consulting professionals, who are located in all major business centers throughout the world, work closely with clients to anticipate, illuminate and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found atwww.fticonsulting.com.
About Fried, Frank, Harris, Shriver & Jacobson LLP
Fried, Frank, Harris, Shriver & Jacobson LLP is a leading international law firm. From offices located in the world’s principal financial centers, Fried Frank attorneys advise their clients with regard to their most critical legal and business needs. Firm attorneys have extensive experience guiding clients through a wide range of enforcement matters, government investigations and internal investigations. Fried Frank regularly defends corporations and individuals under criminal and regulatory investigation, including investigations by the United States Department of Justice, United States Attorneys’ Offices, the United States Securities and Exchange Commission, federal agency inspectors general and debarment officials, self-regulatory organizations, and various state regulatory and law enforcement agencies. In many instances, these investigations involve serious allegations of misconduct with parallel criminal, civil and regulatory actions. Fried Frank also handles internal investigations for existing clients or for new clients seeking an independent perspective.