Recent Developments at the Securities and Exchange Commission: Academic Contributions and Opportunities

In recent years, the Securities and Exchange Commission (SEC) has grown in size and scope. The implementation of Sarbanes-Oxley (SOX) and the globalization of accounting standards have increased the SEC's workload and brought forth important questions regarding the development and application o...

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Bibliographic Details
Published in:Accounting horizons 2007-09, Vol.21 (3), p.313-323
Main Authors: Jorgensen, Bjorn N, Linthicum, Cheryl L, McLelland, Andrew J, Taylor, Mark H, Yohn, Teri Lombardi
Format: Article
Language:English
Subjects:
Accounting policies
Accounting standards
Auditing
Auditing standards
Efficient markets
Enforcement
Fair value
Financial reporting
Financial research
Financial restatements
Globalization
International Financial Reporting Standards
Organizations
Professionals
Public Company Accounting Reform & Investor Protection Act 2002-US
Regulation
Regulation of financial institutions
Regulatory agencies
Scholarships & fellowships
U.S.A
Valuation
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Summary:In recent years, the Securities and Exchange Commission (SEC) has grown in size and scope. The implementation of Sarbanes-Oxley (SOX) and the globalization of accounting standards have increased the SEC's workload and brought forth important questions regarding the development and application of accounting and auditing standard setting and regulation. This paper identifies key issues of importance to the SEC including record levels of restatements, SOX implementation, the backdating of stock options, increased use of fair-values in financial reporting, adoption of IFRS by numerous non-U.S. registrants, and foreign deregistration. The article highlights the contribution of academic research as it relates to SEC speeches and rulemaking, drawing upon experience of 2005–2006 SEC academic fellows.
ISSN:0888-7993
1558-7975
DOI:10.2308/acch.2007.21.3.313