August 24, 2010
Internal Controls: Who Will Have to Comply with Sarbanes-Oxley’s Section 404?
The “Going Concern Blog” recently wrote this piece on how the Dodd-Frank Act may soon exempt companies with market caps of less than $75 million from complying with the SOX requirement to have an audit of their internal control system and how that smaller companies that have voluntarily complied with Section 404 may soon scrap their efforts (the piece was written before Dodd-Frank was passed obviously – but is still an interesting read).
In comparison, at least one company has gone to great – and manipulative – lengths to avoid falling with the grasps of Section 404 as noted in this recent SEC Enforcement action against Ephraim Fields brought recently…
The Latest US GAAP-IFRS Convergence Schedule
A few weeks ago, CFO.com published a nice schedule of expected events concerning the convergence of US GAAP and IFRS, including deadlines for the submission of comments on exposure drafts.
Recently, the FASB made available the “pre-release public view” of the 2011 US GAAP Financial Reporting Taxonomy. An updated taxonomy will be released in September, kicking off the official 60-day public comment period.
More on “The Mentor Blog”
We continue to post new items daily on our blog – “The Mentor Blog” – for TheCorporateCounsel.net members. Members can sign up to get that blog pushed out to them via email whenever there is a new entry by simply inputting their email address on the left side of that blog. Here are some of the latest entries:
– Disclosures to Independent Auditors: What’s the Risk of Waiver?
– Denny’s Removes Director Who “Fails” to Resign
– A New Approach to Catching Insider Trading?
– It’s Time for a Change: Let’s Unleash the Power of the Web for Disclosures
– Who is a Director’s Lawyer When Disputes Arise in the Boardroom?
– Broc Romanek