A Canadian cannabis company settled SEC charges for filing financial statements with the SEC containing material accounting errors, and failing to maintain adequate internal accounting controls.
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A healthcare services company, its former CFO and the company's controller settled SEC charges for accounting and disclosure violations that led the company to report inaccurately high net income and earnings per share.
The American Institute of Certified Public Accountants' Financial Reporting Executive Committee requested feedback on proposed changes to AICPA's "Brokers and Dealers in Securities" Accounting Guide.
SEC Chair Jay Clayton advocated for the harmonization of the "Holding Foreign Companies Accountable Act" and the recommendations from the President's Working Group on Financial Markets Report.
SEC Chief Accountant Sagar Teotia identified several areas of accounting and financial reporting that will require "significant judgments and estimates" due to the evolving status of the COVID-19 pandemic.