The U.S. District Court for the Southern District of New York granted the SEC summary judgment against the CFO and Controller of a software company on fraud charges related to the recognition of revenue under GAAP standards.
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SEC Chief Accountant Paul Munter reminded issuers, preparers and auditors of their responsibilities to provide transparent, high-quality cash flow information for the protection of investors.
A Canadian chartered bank settled charges with the SEC for accounting control deficiencies that affected the cost capitalization accounting on the bank's internally developed software.
SEC Commissioner Mark T. Uyeda warned that "any failure by the International Accounting Standards Board to adapt and update International Financial Reporting Standards to keep pace with complicated and evolving financial transactions could have profound implications on the global markets."
The SEC Division of Corporation Finance and Division of Trading and Markets reminded issuers of the potential imposition of trading prohibitions on the securities of issuers that have been identified as using auditors from a PCAOB-identified problematic jurisdiction.