SEC releases ED for smaller companies.
The ED was anticipated to align fairly closely with the earlier "draft." Among the proposals that may have--if acted upon by the SEC--the most immediate effects, are proposed exemptions from certain provisions of Section 404 of the Sarbanes-Oxley Act for microcap and smallcap companies.
The ED makes 32 recommendations in total, some of which could potentially impact--directly or indirectly--large public companies and private companies with publicly-listed debt, as well as smaller public companies. These relate to auditing standards, materiality, the structure of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and accounting standard-setting.
The ED includes separate dissenting statements filed by both members of the SEC committee representing Big Four firms; these relate mainly to the proposed exemptions of certain microcaps and smallcaps from Section 404.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||Securities and Exchange Commission's Exposure Draft|
|Author:||Heffes, Ellen M.|
|Article Type:||Brief article|
|Date:||Apr 1, 2006|
|Previous Article:||With convergence closer, IASB chair reflects on progress.|
|Next Article:||SEC names Corp. Finance Director.|