TITLE

"Materiality Always Starts with the CFO and the Financial Statements," Says SEC's Turner

PUB. DATE
November 1999
SOURCE
Financial Executive;Nov/Dec99, Vol. 15 Issue 6, p56
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article reports on the application of materiality in accounting. The Financial Executive International and the Business Roundtable, in the hopes of providing clarity on the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin (SAB) No. 99, have hosted a telediscussion on October 13, 1999. There were more than 500 callers during the telediscussion. Lynn Turner, the chief accountant of the SEC states that there are two parts of the SAB, one of which relates to how the qualitative and quantitative factors that affect materiality are evaluated and the other which focuses on intentional errors in accounting.
ACCESSION #
11861744

 

Related Articles

  • Disclousure effectiveness gains traction and momentum. Herz, Robert // Compliance Week;Nov2016, Vol. 13 Issue 154, p60 

    The article discusses the rise of the movement for disclosure effectiveness and simplification in the U.S. in 2016. The Securities and Exchange Commission (SEC) has issued a proposal titled "Disclosure Update and Simplification" to remove the redundant and overlapping disclosure requirements in...

  • Financial & Accounting Compliance. Azria, Seth M. // Financial & Accounting Compliance -- Research Starters Business;4/1/2018, p1 

    Accurate financial information is critical for decision making within the business world and governments alike. The absence of honest and accurate financial reporting to support sound financial decisions can cause economic calamities, as evidenced by the Great Depression and the business...

  • SEC Allows Foreign Private Issuers to Use Financial Statements Prepared in Accordance With International Financial Reporting Standards. Day, Jones // Venulex Legal Summaries;2008 Q1, p1 

    The article reports that the U.S. Securities and Exchange Commission (SEC) passed a rule that allows the use of Financial Statements. These financial statements are issued by the International Accounting Standards Board (IASB) and are prepared in accordance with International Financial Reporting...

  • Warning: U.S. GAAP Likely Headed for Extinction. Cangemi, Michael P. // Financial Executive;Mar2008, Vol. 24 Issue 2, p6 

    The article discusses the likelihood that International Financial Reporting Standards (IFRS) will one day replace Generally Accepted Accounting Principles (GAAP) in the U.S. The U.S. Securities and Exchange Commission (SEC) already has agreed to allow foreign filers to observe IFRS without...

  • SEC Accepts Financial Statements From Foreign Private Issuers Without Reconciliation to US GAAP If Prepared Under International Financial Reporting Standards.  // Venulex Legal Summaries;2008 Q1, p1 

    The article reports that the U.S. Securities and Exchange Commission (SEC) approved a rule that allows the use of financial statements by foreign private issuers (FPIs) without reconciliation to U.S. generally accepted accounting principles (GAAP). They are permitted to do so if they will use...

  • FEI FINANCIAL REPORTING BLOG HITS 1,000 READERS.  // Financial Executive;Oct2008, Vol. 24 Issue 8, p68 

    The article reports that the subscriber count for Financial Executive International's (FEI's) Reporting Blog has surpassed 1,000. Written by FEI's Edith Orenstein, the blog delivers news from a variety of organizations including the Financial Accounting Standards Board, the International...

  • New Year, New Challenges. Hollein, Marie // Financial Executive;Jan/Feb2010, Vol. 26 Issue 1, p6 

    The article briefly comments on possible future changes in financial reporting, and quarterly meetings of Financial Executives International that the author attended in late 2009. In 2010 the U.S. Securities and Exchange Commission is expected to issue further guidelines toward eventual use of...

  • MORE CERTAINTY NEEDED FOR IFRS.  // Practical Accountant;Jun2009, Vol. 42 Issue 5, p6 

    The article reports on the request of accounting firm executives, standard-setters and accountants for more certainty in the guidelines of the U.S. Securities and Exchange Commission (SEC) for the transition to the International Financial Reporting Standards (IFRS). The executives have raised...

  • COMPANIES WANT SEC TO APPROVE IFRS ROADMAP.  // Accounting Today;11/16/2009, Vol. 23 Issue 18, p17 

    The article highlights a survey by Deloitte which found that 70% of chief financial officers (CFOs) and other finance professionals support approval of the roadmap of the U.S. Securities and Exchange Commission (SEC) for adopting International Financial Reporting Standards. It found that nearly...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics