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SEC Issues Guidelines On Accounting Misstatements

Law360 (September 14, 2006, 12:00 AM EDT) -- In the wake of investigations into companies for financial misstatements and possible stock options backdating, the U.S. Securities and Exchange Commission has issued recommendations on how companies should correct past financial errors in their current statements.

The bulletin, issued by the SEC’s Office of the Chief Accountant and Divisions of Corporation Finance and Investment Management, does not contain new rules, but is rather a set of guidelines for companies.

“Consistent application of the guidance in this Staff Accounting Bulletin will result in more accurate financial reporting...
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