[Global Financial Insights] SEC Fines Company and Affiliates $151 Million for Misleading Disclosures, Breach of Fiduciary Duty, and More
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- Last Updated on 8 November, 2024
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update.
1. SEC fines company and affiliates $151 million for misleading disclosures, breach of Fiduciary Duty
The SEC has fined a financial institution and its investment arm $151 million for violations involving misleading disclosures, breach of fiduciary duty, and prohibited transactions. The penalties include $100 million related to misleading disclosures in Conduit Private Funds, a $45 million penalty for failing to disclose financial incentives in its Portfolio Management Program, a $15.2 million repayment for recommending higher-cost mutual funds, and additional fines totalling $6 million for prohibited joint and principal transactions. The company agreed to these penalties without admitting or denying the findings.
2. ISSB updates SASB standards taxonomy to reflect new disclosure requirements
The ISSB has updated SASB Standards to incorporate new disclosure requirements, including IFRS S2 Climate-related Disclosures and international applicability revisions.
3. FASB releases standard enhancing disclosures on Income Statement Expenses
The FASB now requires public companies to disclose detailed expense breakdowns, including inventory, compensation, and depreciation, starting December 2026, with early adoption permitted.
4. FASB invites public feedback on proposed updates to Internal-Use Software Guidance
The FASB has proposed an update to clarify when software costs should be capitalized.
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