TheCorporateCounsel.net

Last week, the GAO issued this report about the value of political intelligence and the cottage industry that it has spawned, providing “inside baseball” about the potential effects of legislative and executive branch actions. The report discusses the GAO’s findings – but makes no recommendations. This Legal Times article notes that Sen. Grassley and Rep. Slaughter will introduce a bill requiring political intelligence disclosure.

Meanwhile, this Washington Post article explores the gridlock cause by different philosophies held by the two new leaders of the House Financial Services Committee, Chair Jeb Hensarling and Ranking Member Maxine Waters.

SEC Files Initial Brief in Conflict Minerals Case

As noted in this blog, the SEC has filed its initial brief in the Chambers lawsuit against the conflict minerals rules.

Corp Fin Updates Financial Reporting Manual (Again)

Last Thursday, Corp Fin indicated that it has updated its Financial Reporting Manual for issues related to age of financial statements in foreign private issuer IPOs, Regulation S-X requirements for foreign private issuers, financial statement requirements for foreign incorporated acquirees or investees that do not qualify as a foreign business, and other changes.

PCAOB Proposes Reorganization of Auditing Standards

A few weeks ago, the PCAOB proposed a reorganized framework for existing auditing standards – categorized by topics. Currently, existing standards consist of “AS Standards” (new or amended standards adopted by the PCAOB) or “AU Sections” (interim auditing standards from the AICPA that the PCAOB adopted in ’03). Comments are due by the end of May.

– Broc Romanek