Search Results for keywords:"accounting support fee"

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Search Results: keywords:"accounting support fee"

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  • 2024-30600 — Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2025
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    Type:Notice
    Citation:89 FR 104594
    Reading Time:about 4 minutes

    The Securities and Exchange Commission (SEC) has approved the Public Company Accounting Oversight Board (PCAOB) budget and annual accounting support fee for 2025, in accordance with the Sarbanes-Oxley Act. The SEC reviewed the PCAOB's proposed budget, ensuring it aligns with recoverable expenses, and emphasized the importance of operational efficiency. The PCAOB is directed to maintain regular communications with the SEC regarding any budget adjustments and to submit a reduced spending plan due to sequestration cuts. The Budget Control Act of 2011 requires sequestration of $22.8 million for 2025, slightly reducing available funds for the PCAOB.

    Simple Explanation

    The government said "yes" to a big group's (PCAOB) plan for money they need in 2025 to keep an eye on other companies’ money matters. They also asked the group to spend a little less because some extra savings need to be made.

  • 2025-01614 — Order Regarding Review of Financial Accounting Standards Board (“FASB”) Accounting Support Fee for 2025 Under Section 109 of the Sarbanes-Oxley Act of 2002
    Type:Notice
    Citation:90 FR 8087
    Reading Time:about 3 minutes

    The Securities and Exchange Commission (SEC) reviewed and approved the Financial Accounting Standards Board's (FASB) 2025 annual accounting support fee. This fee is used to fund the FASB's operations, as required by the Sarbanes-Oxley Act of 2002. The Commission also checked that additional revenue sources, like publications, do not impact FASB's independence. The Office of Management and Budget decided that this fee is subject to budget cuts under the Budget Control Act of 2011, and the SEC expects collaboration with the Financial Accounting Foundation to manage these cuts effectively.

    Simple Explanation

    The SEC checked and agreed on the money FASB needs to do its work in 2025, making sure that any extra money they make on the side doesn't affect their fairness. The government has rules about cutting budgets, so they’ll work together to handle any needed cuts.

  • 2021-02171 — Securities Act of 1933; Securities Exchange Act of 1934; Order Regarding Review of Financial Accounting Standards Board (FASB) Accounting Support Fee for 2021 Under Section 109 of the Sarbanes-Oxley Act of 2002
    Type:Notice
    Citation:86 FR 7913
    Reading Time:about 2 minutes

    The Securities and Exchange Commission (SEC) reviewed the Financial Accounting Standards Board's (FASB) 2021 budget and annual accounting support fee. This process ensures that the FASB, which sets important accounting rules, has an independent and stable funding source, as required by the Sarbanes-Oxley Act of 2002. The SEC confirmed that the proposed fee aligns with the law, allowing FASB to continue its standard-setting activities. Additionally, the FASB's budget is subject to sequestration, meaning planned spending might be reduced to meet certain budgetary controls.

    Simple Explanation

    The SEC checked how much money the FASB will need to keep making important accounting rules to make sure they have enough and no extra. They also want to see how budget cuts might change what the FASB can do.