Just in time for Friday’s “SEC Speaks” program (affectionately known as “SEC Spleaks” by alumni), Corp Fin has released a summary of significant issues addressed in its review of 10-Ks of the Fortune 500 companies. The Summary states that comment letters have been sent to more than 350 companies – and that the Staff is continuing to work with many companies as they respond to comments. This Summary is at http://www.sec.gov/divisions/corpfin/fortune500rep.htm.
The Summary is an objective, factual summary that concentrates on what the SEC staff sees as common deficiencies – staffers already are saying that they anticipate a similar review of “large” – but not necessarily the Fortune 500 – companies for next year, focusing on the same type of issues (i.e. revenue recognition, restructuring charges, liquidity) – as well as compliance with the new rules.