Tuesday, February 21, 2012

Changes in US Individual and Corporate Accounting for 2012

The Securities and Exchange Commission and other regulatory bodies in the U.S. have been working to increase their oversight of financial services companies and other major corporations, with some of the changes coming to fruition this year.

Among the topics that the SEC is narrowing in on is the 10-K filing, which will affect a number of sectors and aims to create more visibility for investors. For instance, mining companies will now have to make disclosures on fatalities, as well as safety and health violations for all of the mines they operate, Mineweb reports.

The new provision will extend beyond American borders, with companies also being required to disclose issues that occur at non-U.S. mines. "Flagrant violations, imminent danger orders, and failure to comply with citations are among the information that now must be disclosed, some within four business days of receiving those orders," the source notes.

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Source: http://www.proformative.com

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