cover of PKF Texas' 2021 SEC Filing Reference GuideWe have updated our website’s SEC Desk with the 2021 SEC Filing Reference Guide, which is ready to access and download. This update summarizes the U.S. Securities and Exchange Commission’s 2021 calendar year filing deadlines. While there are no significant changes to the due dates for the new filing year, several of the dates fall

Deemed as a riveting presentation from a CFO and SEC registrant attendee, PKF Texas hosted its last Zoom webinar of the year with the SEC niche team, “What’s Next for 2021: Accounting and SEC Reporting Updates,” on December 3, 2020. Audit Director, Chip Schweiger, CPA, CGMA, moderated a panel consisting of speakers:

  • Valerie Frey, CPA,

As trusted business advisors, we enjoy working with you to co-create ideas and co-develop innovative solutions for your business. Even amidst the COVID-19 pandemic, we still want to continue providing valuable information, including upcoming Houston events that we support, and think may be of interest to you.

  • KCA
  • Turnaround Management Association
  • Client Exclusive: SEC Webinar
  • National Association for Corporate Directors
  • Greater Houston Women’s Chamber of Commerce

If you have questions about any event details or registration information, the organization-specific contacts are below. We hope to see you at any or all of these Houston events!

Continue Reading Mark Your Calendars! Upcoming December 2020 Houston Events…

The Securities and Exchange Commission (“SEC”) recently issued Final Rulemaking Release No. 33-10825, “Modernization of Regulation S-K Items 101, 103, and 105,” which amends Regulation S-K disclosure Items:

  • 101, “Description of Business,
  • 103, “Legal Proceedings,” and
  • 105, “Risk Factors.”

photo angled towards the sky with four buildings converging to the center; image used for blog post for SEC Desk about amendments to Regulation S-K

These amendments, which are part of the SEC’s broader Disclosure Effectiveness Initiative, reflect changes that have occurred in the capital markets and the availability of information and aim to improve the information content of those items and to simplify compliance for registrants.

The main amendments to Regulation S-K from Release No. 33-10825 are as follows:

Continue Reading Amendments to Regulation S-K Help Simplify Disclosure Compliance

Over the summer, the Securities and Exchange Commission (SEC) voted to adopt amendments to the rules governing proxy solicitations. These amendments are designed to ensure that clients of proxy voting advice businesses have reasonable and timely access to more transparent, accurate and complete information on which to make voting decisions. The amendments will also provide those who use proxy voting advice the ability to make informed voting decisions without imposing undue costs or delays that would adversely affect the timely provision of the proxy voting advice.

empty black office chairs sitting around a table; image used for blog post about SEC rule amendments making proxy voting advice more transparent

These amendments also serve to codify the SEC’s longstanding view that proxy voting advice generally constitutes a solicitation under the proxy rules. As such, it was important to make clear that the failure to disclose material information about proxy voting advice may constitute a potential violation of the anti-fraud provision of the proxy rules.

Continue Reading SEC Rule Amendments Make Proxy Voting Advice More Transparent

The Securities and Exchange Commission (SEC) announced on June 29, 2020 that the EDGAR system was upgraded to Release 20.2 and no longer supports the following taxonomies:

  • 2018 US GAAP Financial Reporting Taxonomy,
  • 2018 SEC Reporting Taxonomy,
  • 2012 and 2013 Investment Schedule (INVEST),
  • 2016 Countries (COUNTRY), 2017 Currencies (Currency), and
  • 2018 Exchanges (EXCH).

random numbers scrolling across the screen; image used for blog post about SEC announcing EDGAR system upgrade

Continue Reading EDGAR System Upgrade No Longer Supports 2018 GAAP Taxonomy

Jen: This is the PKF Texas Entrepreneur’s Playbook, I’m Jen Lemanski and I’m back again with Chip Schweiger, an audit director and one of the faces of our PKF Texas SEC team. Chip, welcome back to the playbook.

Chip: Thanks Jen, great to be here.

Jen: I know that the SEC has proposed to eliminate disclosures and Regulation S-K and amend the requirements to focus on material information for management disclosures and other information and analysis. What does that mean for our public company clients?

Chip: Yeah, so recently the SEC issued authoritative interpretive guidance related to disclosures meant to streamline disclosures for companies and give better information to investors. It’s part of what they’re calling their Disclosure Effectiveness Initiative and it really relates to Item 301 selected financial data, Item 302 and then Item 303 in management’s discussion and analysis.
Continue Reading SEC Disclosure Effectiveness Initiative and What it Means for Public Companies

Jen: This is the PKF Texas Entrepreneurs Playbook. I’m Jen Lemanski and I’m back again with Chip Schweiger, one of our audit directors and a member of our PKF Texas SEC team. Chip, welcome back to the Playbook.

Chip: Thanks, Jen. Good to be back.

Jen: So I’ve heard a little bit in the news about FCPA. What is it and how does it affect public companies?

Chip: Sure so FCPA, also known as the Foreign Corrupt Practices Act, was actually a law that was enacted in 1977 and it generally prohibits the payment of bribes to foreign officials to gain business. It includes, not only the officers and the agents of that company, but also the company themselves.
Continue Reading Monitoring the FCPA: Is Your Public Company in Compliance?

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski and I’m back once again with Ryan Istre, an Audit Director and one of the faces of our PKF Texas SEC team. Ryan, welcome back to The Playbook.

Ryan: Thanks, Jen.

Jen: Recently, one of our industry publications, Accounting Today, had an article where it said the PCAOB may fold into the SEC by 2022? What’s going on there?

Ryan: Yes, I did read that in Accounting Today. Right now, it’s a White House budget blueprint. The proposal is for, you know, for budgeting purposes, of course, to potentially save the country $580 million by the year 2030.
Continue Reading PCAOB and SEC: Possible Merger by 2022?

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski and I’m back again with Ryan Istre, one of our audit directors and one of the faces of the PKF Texas SEC team. Ryan welcome back to the Playbook.

Ryan: Good to be here Jen.

Jen: So, audit independence issues are always a hot topic. What are you hearing from the SEC and PCAOB?

Ryan: So, you’re right, audit independence issues are always a hot topic and every auditor always has it on their mind 100% of the time while working with their audit clients. While the vast majority of firms have processes and controls in place to get it right, to make sure they are independent with respect to their audit clients, every once in a while, little nuances slip by.
Continue Reading Maintaining Independence: Navigating SEC and PCAOB Guidance