PART I: FUNDAMENTALS OF FINANCIAL DISCLOSURE

Regulatory Framework

• Federal Securities Laws
• Securities and Exchange Commission
• Securities Act Registration
• Exchange Act Registration and Reporting
• Stock Exchange Listing Requirements
• Public Company Accounting Oversight Board
• State Boards of Accountancy
• State Blue Sky Laws
• American Institute of Certified Public Accountants
• Private-Sector Gatekeepers
• Research references

Financial Reporting

• Role of financial statements
• GAAP and the FASB
• Balance sheet
• Income statement
• Statement of cash flows
• Footnotes and MD&A

Financial Statement Audits

• Audit profession
• Audit engagement
• Audit report
• Alternatives to the audit
• Attestation report on internal control over financial reporting
• Records retention
• Auditors as defendants
• Research references

International Standards

• IFRS basics
• Transition to IFRS
• U.S. GAAP reconciliation
• Auditing standards
• Research references

Electronic Filing and Interactive Data

• Filing requirements
• Hardship exemptions
• Preparing submissions
• XBRL
• Interactive data financial reporting
• Research references

Acronyms and Abbreviations

PART II: SEC REQUIREMENTS

Management’s Discussion and Analysis

• Scope of disclosure
• Focus of disclosure
• Presentation of disclosure
• Forward-looking information
• Liquidity and capital resources
• Results of operations
• Critical accounting policies and estimates
• Interim period reporting
• Liability
• Research references

Off-Balance Sheet Arrangements

• "Off-balance sheet” defined
• Disclosure threshold
• Scope of disclosure
• Tabular disclosure of contractual obligations
• Presentation of disclosure
• Foreign private issuers
• Safe harbor for forward-looking information
• Research references

Derivatives Disclosure

• Accounting policy disclosure—Rule 4-08(n)
• Quantitative disclosure about market risk—Item 305(a)
• Tabular presentation
• Sensitivity analysis
• Value at risk
• Qualitative disclosure about market risk—Item 305(b)
• Item 305 general issues
• Safe harbor protection
• Disclosure required by GAAP
• Research references

Disclosure Controls and Procedures

• Definitions
• Creating a disclosure committee
• Establishing disclosure controls and procedures
• Evaluating disclosure controls and procedures
• Liability
• Research references

Internal Control Over Financial Reporting

• Definition
• Management’s annual assessment and report
• Material weakness and significant deficiency
• Quarterly evaluations
• Framework for evaluation
• Evaluation and reporting guidance
• Auditor’s attestation
• Research references

Executive Compensation

• Officers covered by disclosure requirements
• Compensation discussion and analysis
• Compensation committee report
• Summary compensation table
• Exercises and holdings of previously awarded equity
• Post-employment compensation
• Director compensation
• Scaled disclosure for smaller reporting companies
• Form 8-k disclosure
• TARP recipients
• Research references

Certification of Reports

• Section 302 certification
• Section 906 certification
• Liability
• Research references

Pro Forma/Non GAAP Financial Information

• Circumstances requiring proforma presentations
• Regulation G—disclosure of non- GAAP financial measures
• Inclusion of non-GAAP financial measures in SEC filings
• Non-GAAP disclosure in earnings releases
• Research references

Code of Ethics

• "Code of ethics” defined
• Code of ethics disclosure
• Code changes or waiver
• Foreign private issuers
• Investment companies
• Research references

Audit Committee

• Introducing the audit committee
• Proxy statement disclosures
• Pre-filing review of quarterly financials
• Pre-approval of audit and other accounting services
• Auditor required communications with audit committee
• Attorney’s duty to report wrongdoing
• Financial expert disclosure
• Audit committees of listed companies— Rule 10A-3
• Audit committee liability
• Research references

Auditor Independence

• General standard for auditor independence
• Financial relationships
• Employment relationships
• Business relationships
• Non-audit services
• Contingent fees
• Partner rotation
• Administering the engagement
• Compensation
• Quality control system
• Communication with audit committee
• Proxy and annual report disclosure
• Enforcement
• Research references

Audit Integrity

• Falsification of accounting records
• False statements to accountants and auditors
• Improper influence on conduct of audits
• Research references

Financial Restatements

• Materiality
• Press release
• Form 8-K disclosure
• Internal investigation
• Auditor’s response to illegal acts
• Amended quarterly or annual reports
• SEC inquiries
• Disgorgement of bonuses and profits—SOX 304
• Research references

Fair Disclosure

• Regulation FD basics
• Intentional and non-intentional disclosures
• Public disclosure requirement
• Liability
• Enforcement actions
• Research references

PART III: STOCK EXCHANGE REQUIREMENTS

Role of Stock Exchanges

• Listing standards
• SRO rulefiling requirements
• Research references

New York Stock Exchange Listing Standards

• Listing and delisting
• Disclosure and reporting
• Corporate governance
• Certifications and affirmations
• Research references

Nasdaq Stock Market Listing Standards

• Corporate governance
• Audit committee
• Code of conduct
• The PORTAL Market
• Research references

PART IV: PCAOB OVERSIGHT

About the PCAOB

• Establishment and organization
• Authority
• Budget and funding
• Accounting support fee
• SEC control
• Research references

Registration and Reporting

• Definitions
• Applying for registration
• Withdrawing from registration
• Annual and special reporting
• Public availability of applications and reports
• Enforcement
• Research references

Inspections of Registered Firms

• Frequency of inspections
• Conduct of inspections
• Draft inspection report
• Final inspection report
• Addressing quality control criticisms
• SEC review
• Inspections of foreign firms
• Research references

Auditing Standards and Related Rules

• Auditing standards
• Interim standards
• Related rules
• Ethics and independence
• Contingent fees
• Tax services
• Services related to internal control
• Research references

PCAOB Investigations

• Division of Enforcement and Investigations
• Testimony and document demands
• Asserting claims of privilege
• Confidentiality
• Rights of witnesses
• Noncooperation
• Research references

PCAOB Adjudications

• Commencement of disciplinary proceedings
• Hearing officer
• Prehearing procedure
• Hearings
• Settlement
• Disciplinary sanctions
• Appeals to the Board
• SEC review
• Research references

Table of Cases

Index