The SEC, the Center and others have provided some interpretive guidance on various relevant SEC topics in forms such as frequently asked questions (FAQs), speeches, Staff Accounting Bulletins (SABs), and Interpretative Releases.

For access to all SEC interpretive guidance, visit the SEC's Web site by clicking on the respective link.

Below is a listing of some of the interpretive guidance issued by various parties in the past:

INTERNAL CONTROL OVER FINANCIAL REPORTING, SARBANES OXLEY, PCAOB

• SEC Issues Revised FAQs on Section 404 (September 2007)
  
  

• Commission Guidance Regarding Management's Report on Internal Control Over Financial Reporting Under Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (June 2007)

  • View CAQ Summary of SEC Proposed Management Guidance on ICFR (members only)

  • View AICPA Comment Letter

  • View CAQ Summary of Comment Letter

• SEC Proposed Management Guidance on Internal Control Over Financial Reporting (December 2006)
  
  
• SEC Votes to Propose SOX 404 Interpretive Management Guidance and Other Actions (December 2006)
  
  
• SEC Seeks Comment on Section 404 Guidance for Management (July 2006)
  
  
• SEC Announces Next Steps for SOX 404 Implementation (May 2006)
  
  
• SEC issues additional guidance on Internal Control over Financial Reporting in Response to SEC Roundtable Discussion:
  
  
  • CAQ Summary of SEC Staff Statement on Management's Report on Internal Control over Financial Reporting (May 2005)
    
    
  • SEC News Release on Statement on Implementation of Internal Control Reporting Requirements (May 2005)
    
    
  • Staff Statement on Management's Report on Internal Control over Financial Reporting (May 2005)
    
    
• FAQs: Exemptive Order on Management's Report on Internal Control over Financial Reporting and Related Auditor Report (January 2005)
  
  
• Big 4 Issued Two Investor Resource Guides on SOX 404 to assist investors - individual and institutional, small and large in understanding the new internal control reporting. Firms are encouraged to distribute these two guides to their clients.
  
  The direct links to these resource guides are below. Learn more about the development of these resource guides and a related conference, click here.
  
  
  • Internal Control Over Financial Reporting: An Investor Resource (December 2004)
    
    
  • Perspectives on Internal Control Reporting: A Resource for Market Participants (December 2004)
    
    
• SEC has issued Management's Report on Internal Control Over Financial Reporting and Disclosure in Exchange Act Periodic Reports Frequently Asked Questions (October 2004)
  
  
• SEC Division of Corporation Finance: Sarbanes-Oxley Act of 2002 –Frequently Asked Questions (November 2004)
  
  
• SEC Interpretation: Commission Guidance Regarding the Public Company Accounting Oversight Board's Auditing and Related Professional Practice Standard No. 1 (May 2004)
  
  
  

SEC SECURITIES OFFERING REFORM

• SEC Issues Technical Amendments to Securities Offering Reform Rule (July 2005)
  
  
• SEC Issues FAQs on Securities Offering Reform Final Rules (November 2005)
  
  
• SEC issues Securities Offering Reform Transition Questions and Answers (September 2005)
  
  
• SEC’s Recent Reform of the Public Offering Process - How Does This Impact Your Clients?
  
  
  • Securities Offering Reform: A Synopsis (Fried Frank Memorandum) (August 2005)
    
    
  • SEC Adopts Dramatic Reforms to the Public Offering Process (Fried Frank Memorandum) (August 2005)
    
    
    

GUIDANCE ON OTHER SEC HOT TOPICS

• Sub-Prime Loans:  SEC Letter Provides Staff Position on Sub-Prime Loans (July 2007)
  
  
• Executive Compensation: SEC Issues Executive Compensation Disclosure Transition Questions and Answers (September 2006)
  
  
• Stock Option Accounting:
  
  
  • SEC Issues Sample Letter Related to Filing Restated Financial Statements for Errors in Accounting for Stock Option Grants (January 2007)
    
    
  • SEC Issues Letter to CAQ and FEI on Stock Option Accounting (September 2006)
    
    
• Financial Statement Misstatements:
  
  
  • Center for Audit Quality Issues FAQs on Quantifying Financial Statement Misstatements (February 2007)
    
    
  • SEC Releases Staff Accounting Bulletin No. 108 – Quantifying Financial Statement Misstatements (September 2006)
    
    
• Auditor Independence: SEC Updates FAQs on Auditor Independence (August 2007)
  
  
• Comfort Letters: Guidance Issued by the Center on Comfort Letter Procedures Relating to Capsule Financial Information
  
  
• Statement of Cash Flows:
  
  
  • SEC Current Accounting and Disclosure Issues in the Division of Corporation Finance (Updated as of November 30, 2006) – View an excerpt related to the statement of cash flows and discontinued operations and insurance proceeds
    
    
  • SEC Staff Position Regarding Changes to the Statement of Cash Flows Relating to Discontinued Operations (April 2006)
    
    
  • SEC Issues Accounting Guidance to Certain Registrants on Statement of Cash Flow Presentation and Oil and Gas Industry Issues (February 2005)
    
    
• Operating Leases: SEC Issues Letter to the Center for Audit Quality on Accounting for Operating Leases  (February 2005)
  
  
• Form 8-K: SEC Issues FAQs on Form 8-K Disclosure Requirements (November 2004)
  
  
• Safe Harbor for Issuer Repurchases: SEC has issued a Frequently Asked Questions document regarding Rule 10b-18 ("Safe Harbor" for Issuer Repurchases) (November 2004)
  
  
  

UPDATES AND REMINDERS REGARDING DEADLINES AND ISSUES

• SEC Updates Current Accounting and Disclosure Issues in the Division of Corporation Finance (As of November 30, 2006)
  
  
• Measurement Date for Accelerated Filer Status (March 2005)
  
  
• Quick Reference Guide - SEC Filing Deadlines for Forms 10K and SOX 404 Reports (December 2005)
  
  
• SEC Issues Annual Report Reminders Alert (March 2005)
  
  

OTHER SEC GUIDANCE (STAFF ACCOUNTING BULLETINS, SPEECHES AND PUBLIC STATEMENTS, INTERPRETIVE RELEASES)

• Staff Accounting Bulletins - The SEC issues Staff Accounting Bulletins, which reflect the Commission staff's views and interpretations regarding accounting-related disclosure practices.
  
  
• SEC Speeches - Speeches and other public statements by the SEC that cover a wide range of topics concerning the state of the markets and the Commission's regulatory agenda.
  
  
• SEC Interpretative Releases - View "interpretive" releases of the federal securities laws and SEC regulations.