Search Results for keywords:"financial reporting"

The Federal Energy Regulatory Commission (FERC) is asking the public for comments on reports from oil pipeline companies, known as FERC Forms 6 and 6-Q. These forms help FERC ensure that oil transportation rates are fair and keep track of oil pipelines' financial health. FERC is collecting comments to make improvements to their reporting process and to extend the requirement for these forms for another three years. People who want to share their thoughts need to send in their comments by May 27, 2025.

The Securities and Exchange Commission (SEC) is asking for public comments on a rule called Rule 10A-1, which is part of the Securities Exchange Act of 1934. This rule requires certain companies to report to the SEC if their auditors find serious financial problems that the company's management has not fixed promptly. Although this reporting requirement has been in place since the mid-1990s, its approval by the Office of Management and Budget expired in 2021, so the SEC seeks to renew this approval. The SEC estimates that the total additional burden of this rule is about 5 hours per year for the companies involved, and they invite public comments on how to improve or reduce this burden.

The Securities and Exchange Commission (SEC) is requesting public comments on the continuation of its Form 11-K, used by employee stock purchase and savings plans to report financial information. This form is part of the requirements under the Securities and Exchange Act. The SEC estimates that completing each form takes about 95.81 hours, with a cost of $7,525, and receives about 941 submissions annually. Feedback is requested on the necessity and utility of the form, ways to enhance its quality, and suggestions to reduce the burden on respondents, by March 17, 2025.

In response to requests from industry participants, the Securities and Exchange Commission (SEC) has announced a temporary exemption for institutional investment managers from complying with Rule 13f-2 and Form SHO reporting requirements. Originally set to start on January 2, 2025, the compliance date has been extended to January 2, 2026, giving these managers additional time to adjust their systems and address any operational challenges. This decision was made to ensure the accuracy of the information that will be shared with investors. The SEC believes this extension will help achieve the goals of transparency and accurate data reporting, while balancing the preparation needs of the industry.

The National Credit Union Administration (NCUA) is announcing a notice of submission to the Office of Management and Budget (OMB) regarding the renewal of their information collection practices under the Paperwork Reduction Act of 1995. This involves collecting data from federally insured credit unions (FICUs) that must request approval before purchasing assets or assuming liabilities from other institutions. The public is invited to comment on this collection process, focusing on the need, accuracy, and ways to improve this data collection process. Comments should be submitted by January 27, 2025, to ensure they are considered.

The Board of Governors of the Federal Reserve System has decided to extend, with some revisions, a key report, known as FR 2644, for another three years. This report collects data on the assets and liabilities of both U.S. commercial banks and foreign banks operating in the U.S. It helps analyze banking trends by gathering weekly data from a sample of 850 banks. The Board will allow smaller banks under $5 billion in assets to report once a month instead of weekly. These changes begin on April 2, 2025, and the Board received no public comments during the proposal's review period.

The National Credit Union Administration (NCUA) is revising its Call Report, Form 5300, which credit unions use to submit quarterly financial and statistical data. The changes, influenced by public comments, include the removal of certain accounts and the addition of new ones to improve monitoring of credit union activities. Notable revisions involve reporting on loans to officials, assets pledged, and maturity distribution of uninsured shares, with some proposals adjusted based on feedback. The updates aim to enhance oversight while managing the reporting burden and are scheduled to be effective by March 31, 2025.

The Public Company Accounting Oversight Board (PCAOB) has introduced proposed rules requiring certain registered public accounting firms to report firm- and engagement-level metrics on their audit practices. These metrics will provide stakeholders like investors and audit committees with valuable insights into audit processes, helping them make informed decisions. The metrics cover areas such as partner and manager involvement, workload, training, and retention of audit personnel. The PCAOB believes this initiative will enhance investor protection and foster transparency by offering more consistent and comparable information about audits and auditors.

The Agricultural Marketing Service of the USDA announced a delay in the effective date of a rule regarding the Paper and Paper-Based Packaging Promotion, Research, and Information Order. Originally set to take effect on January 21, 2025, the rule is now postponed until March 21, 2025. This delay allows for further review of the amendments, which clarify various processes like partnership definitions, nomination procedures, and voting formats for board meetings, along with financial reporting timelines. The postponement aligns with a presidential directive for regulatory review.

The Securities and Exchange Commission has released an amended order regarding the way non-U.S. security-based swap dealers and participants must report their financial and operational information when they are relying on certain compliance orders. This updated order, which replaces the 2021 version, requires these entities to file specific parts of the FOCUS Report using the SEC's eFOCUS system. The order clarifies filing deadlines, the type of financial information needed, and how this information should be formatted according to the involved entities' local accounting standards. Importantly, the updated guidance adjusts the required fields due to recent changes in reporting forms, ensuring consistency with both U.S. and international standards.