White Gives Preview of the Division of Corporation Finance’s Action Items for 2008
 
January 28, 2008
 

On January 23, 2008, John White, the Director of the Division of Corporation Finance, in addressing the 35th Annual Securities Regulation Institute in San Diego, California, reviewed the Division’s activities during 2007 and its action items for 2008. According to White, the two areas of focus for the Division in 2008 will be financial reporting and international matters. White suggested that we would see action taken and rulemaking in 2008 on a variety of areas within the broader categories of financial reporting and international matters, including

• interactive data (i.e., submission of XBRL-tagged financial statements)
• materiality, the correction and disclosure of accounting errors and restatements
• rulemaking to address stealth restatements (disclosure of restatements in periodic reports rather than under Item 4.02 of Form 8-K)
• updating interpretive guidance concerning the use of corporate Web sites for the disclosure of information
• the possible use of IFRS by U.S. issuers
• entrance and exit rules for foreign private issuers relating to the Exchange Act reporting system
• use of automatic shelf registrations by foreign companies that are well-known seasoned issuers
• annual report filing deadline for foreign issuers
• application of the foreign private issuer definition
• revisions to the cross-border tender offer rules

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