TheCorporateCounsel.net

January 29, 2016

Our New “Materiality Handbook”

Spanking brand new. By popular demand, this comprehensive “Materiality Handbook” covers a wide range of scenarios, from how 8-K, press releases and Reg FD to 10-Ks and 10-Qs and securities offerings. This one is a real gem – 32 pages of practical guidance – and its posted in our “Materiality” Practice Area.

The FASB’s “Materiality” Rulemaking: Comments So Far

The two FASB proposals for determining materiality continues to stir controversy. For example, these proposals have raised the ire of investors, including the SEC’s Investor Advisory Committee (see this comment letter from CII and this NY Times column). In its proposals, the FASB has said materiality is a legal concept – and in essence, isn’t an accounting concept. The latter is debatable as many courts have cited to the FASB’s concept of materiality in their decisions – and materiality has been discussed in both legal cases and in the accounting literature (eg. SAB 99). Here’s the comments on the FASB’s proposal so far – check out this one from Jack Ciesielski.

Audit Committees: Regulators Change Bank Duties

This blog by Steve Quinlivan notes how the Federal Reserve, FDIC and OCC recently issued an advisory to indicate their support for the principles in Parts 1 and 2 of the Basel Committee on Banking Supervision’s March 2014 guidance on “External audits of banks” referred to as the “BCBS external audit guidance.” Steven notes that Matt Kelly has written two blogs about the advisory, including this one about the practical implications of it…

Check out this blog by Mike Gettelman to hear what Delaware Chief Justice Leo Strine said this week at the San Diego conference…

Broc Romanek