Annual Reports

It’s That Time of Year When the SEC Gets Braggadocious

Now that the SEC is a little more than a month into its new fiscal year, the commission wanted to remind everyone that its enforcement division staff didn’t spend FY 2019 watching porn at work all day long. Yep, the SEC Division of Enforcement 2019 Annual Report is hot off the press, and in it […]

The Auditors’ Auditors Got a Clean Audit Opinion From Their Auditors

The PCAOB posted their 2012 annual report to its website today and it's filled with all kinds of interesting information. It's the end of a Monday, so we only managed to pull a few examples: There were nine audit firms inspected in 2012 that had more than 100 public company audit clients in 2011. They […]

IASB Discusses MD&A and No One Cares

Do you spend evenings and weekends reading annual reports as opposed to doing, say, anything? We thought so. So you’re definitely familiar with the cheerleading section in those glossy marketing pieces known as “Management Discussion and Analsyis” or “MD&A”.
Well the IASB has decided that MD&A isn’t worth getting too worked up about as three board members voted “meh”, against issuing an actual proposal that would give management guidance on content. Sayeth:

Because the proposal will not result in a financial reporting standard, issuing it is not an effective use of IASB resources or those of constituents who may feel an obligation to comment, say the three board members, Robert Garnett, Prabhakar Kalavacherla, and James Leisenring.

Common sense appears to be alive and kicking at the IASB. Hoo-RAH.

International Standard Setters Have Their Say on MD&A
[CFO.com]