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.
SEC Acting Chief Accountant Paul Munter highlighted the importance of the auditor independence framework and of fostering an ethical culture to ensure investor protection and confidence.
In a paper exploring the accounting implications of investments in digital assets, ISDA described challenges in accounting and reporting for digital assets under U.S. GAAP.
The Financial Accounting Standards Board published three proposed Taxonomy Implementation Guides relating to accounting changes, reorganizations and reinsurance-related disclosures.
SEC Acting Chief Accountant Paul Munter reviewed the concepts of materiality in reporting and disclosure, emphasizing the importance of using an objective assessment when identifying material errors in financial statements.