United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2001-06-14 monographic deposited born digital 43 p. GA 1.13:GAO-01-718 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-718 P0b002ee18039ed07 f:d01718 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-01-718 machine generated eng fdlp REPORT GAOREPORTS-GAO-01-718 GAO-01-718 Securities regulation Reporting requirements Accounting standards Accounting procedures Decision making Information disclosure Other Written Product A01199 This report reviews the Securities and Exchange Commission's (SEC) resolution of accounting issues submitted by companies that have or are contemplating publicly traded securities. Companies are required by law to register their securities with SEC by filing a registration statement. This state must contain financial and other information about the securities and the issuer. SEC's Office of the Chief Accountant (OCA) is responsible for providing guidance to companies to ensure that they comply with the reporting requirements of the law. Generally, registrants submit issues to OCA for which there is no authoritative guidance. These issues tend to involve unusual, complex, or innovative transactions. Examples of the type of accounting issues frequently reviewed include business mergers and issues surrounding revenue recognition and financial instruments. Representatives of registrants and the accounting profession have conveyed both positive and negative experiences regarding SEC's handling of accounting issues. Several representatives expressed concerns over the transparency of SEC's decision making process and SEC's use of accounting sources outside of generally accepted accounting procedures. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-718/html/GAOREPORTS-GAO-01-718.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-718/pdf/GAOREPORTS-GAO-01-718.pdf GAO-01-718 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-718 Other Written Product GAO-01-718; Securities and Exchange Commission: Reviews of Accounting Matters Related to Public Filings; Securities regulation Reporting requirements Accounting standards Accounting procedures Decision making Information disclosure