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SEC Accounting Developments
SEC Letter Describes Its Current Focus and Guidance on Bulletin No. 101
On October 13, 2000 the SEC posted a letter from the Chief Accountant to the American Institute of Certified Public Accountants, describing topics and issues on which the Office of the Chief Accountant has recently been focusing its attention and resources. Letter: 2000 Audit Risk Alert to the American Institute of Certified Public Accountants (Oct. 13, 2000).
The letter is quite long and detailed, and I would recommend it to anyone who deals with public accounting or audit committee issues. It primarily deals with operating company issues, rather than investment company or broker-dealer issues.
The letter is available online at http://www.sec.gov/offices/account/audrsk2k.htm
The SEC also published guidance on implementing Staff Accounting Bulletin No. 101, which deals with revenue recognition issues. The SEC press release, with links to relevant documents, is available online at http://www.sec.gov/news/sabfaq.htm
Copyright 2000, John M. Baker, Esq., Stradley, Ronon, Stevens & Young, LLP, 1220 19th Street, N.W., Suite 700, Washington, DC 20036 – (202) 822-9611- Fax (202) 822-0140 This article was originally posted to the FundLaw List, http://www.egroups.com/group/fundlaw. To subscribe to FundLaw, send a blank e-mail to firstname.lastname@example.org
Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article.
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