SEC

The commission has been aware of the breach since 2016.

A little-known Republican Senate aide is in line to lead the accounting industry’s watchdog, setting up an official who lacks experience in the auditing profession for one of the highest-paying jobs in financial regulation.

The Financial Accounting Standards Board proposed a GAAP Financial Reporting Taxonomy and, for IFRS filers, a Shared Reporting Taxonomy on Tuesday, asking for public comments on the files.

The Securities and Exchange Commission has released a staff accounting bulletin to conform its existing staff guidance to the new revenue recognition standard that takes effect for public companies at the end of the year.

The Big Four firm topped large and small firms in new SEC engagements.

Accounting and financial firms and business groups are sending comment letters to the Securities and Exchange Commission ahead of a deadline Friday for approving a new standard from the Public Company Accounting Oversight Board on expanding the scope of audit reports.

KPMG has agreed to pay more than $6.2 million to settle charges it failed to properly audit the financial statements of Miller Energy Resources, a Knoxville, Tenn.-based oil and gas company that settled accounting fraud charges last year, the Securities and Exchange Commission said Tuesday.

SEC Chair Jay Clayton calls for nominees for open board spots.

The Public Company Accounting Oversight Board has imposed a $1 million civil penalty against PricewaterhouseCoopers and censured the firm for its audits of Merrill Lynch.

Extensible Business Reporting Language, the data-tagging code now required by the Securities and Exchange Commission for filing financial statements, has been making headway not only in the U.S., but in other parts of the world.