SEC Chief Accountant Highlights LIBOR Transition Reporting and Auditing Issues

SEC Chief Accountant Sagar Teotia reviewed domestic and international accounting and auditing developments in the capital markets.

In a broad address before the AICPA National Conference on Banks & Savings Institutions, Mr. Teotia encouraged stakeholders to consider the implications of the transition from LIBOR. He referenced an SEC staff statement, a Financial Accounting Standards Board Accounting Standards Update and an International Accounting Standards Board Exposure Draft on Interest Rate Benchmark Reform for further guidance.

Mr. Teotia also described the auditing and attestation requirements for brokers and dealers registered with the Commission and recommended having auditor involvement to safeguard the custody of customer securities and funds.