The rule is aimed at boosting confidence in the accuracy of company accounts, following the raft of recent financial scandals to hit corporate America such Enron and WorldCom.
Link: Profile of SEC chief
According to reports in the national press, by yesterday (Thursday), 600 out of the 700 companies covered by the new rule have yet to certify their accounts. The slow response to the new rule, issued on 27 June could be an indication that more companies are about to restate earnings.
The focus of attention is now shifting towards chief executives, who may be concerned at the prospect of litigation if accounts have to be re-stated in the future
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements