United States:
SEC Chief Accountant Highlights LIBOR Transition Reporting And Auditing Issues
19 September 2019
Cadwalader, Wickersham & Taft LLP
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SEC Chief Accountant Sagar Teotia reviewed domestic and international accounting
and auditing developments in the capital markets.
In a broad address before the AICPA National Conference on Banks
& Savings Institutions, Mr. Teotia encouraged stakeholders to
consider the implications of the transition from LIBOR. He
referenced an SEC staff statement, a Financial Accounting
Standards Board Accounting Standards Update and an
International Accounting Standards Board Exposure Draft on Interest Rate Benchmark
Reform for further guidance.
Mr. Teotia also described the auditing and attestation
requirements for brokers and dealers registered with the Commission
and recommended having auditor involvement to safeguard the custody
of customer securities and funds.
The content of this article is intended to provide a general
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