The SEC has a new “chief accountant.” He is a retired partner of a Big 4 firm. What do you think in his background is a good match for the requirements of the position? Do you seen any downsides in appointing him to this position?
If you were the CEO or CFO of a public company, how would you make the decision on whether to report potential violations to the SEC?
Do you believe that the disclosure about conflict minerals will be useful? How would you define useful?
Should firms be forced to disclose political contributions? Why or why not? Whom would such disclosures “hurt”? Who would benefit? How would they benefit?
Why do you think there has been so much turnover at the SEC? Would such a position as a regulator interest you? What skills do you think you would need to get a job there?
If you were the CEO or CFO of a publicly traded firm, would you make your quarterly earnings announcement on Facebook? Why or why not? What do you think will be the outcome of the Netflix case?
Both the FASB and the IASB are under pressure to prioritize and streamline accounting disclosures due to perceived disclosure overload. How would you determine which disclosures are absolutely necessary and which ones could be eliminated?
President Obama nominated Mary Jo White, a former prosecutor, to be the chair of the SEC. In your opinion, what are the pros and cons of her selection?
Apple cut the orders for iPhone 5 screens at its suppliers. How was this information determined or obtained? Is it a disclosure that Apple is required to make under accounting standards or under SEC regulations? If you were an investor in Apple, would you find the disclosure relevant? Why?
Should the SEC require corporations to provide details of political donations? Why or why not? If you say yes, what is the downside, if any, of making corporations provide the disclosures?
Why does the SEC not allow firms to disseminate financial information and other important disclosures via Facebook? Do you agree with the SEC’s decision? Why or why not?
Should the amount of disclosure in financial statements be reduced? Can you give an example of superfluous disclosure? What are some criteria you would use to decide which disclosures should be cut, which ones should be maintained, which ones enhanced?
Mary Shapiro is resigning at the SEC. What are the personal attributes and qualifications that you think are necessary to be an effective regulator, particularly as the head of the SEC? Do you have those attributes? Would you want the job? Why or why not?
Why do firms (sometimes) blow the whistle on themselves? How can a firm in one country be assured that firms in other countries would investigate their own breaches of the FCPA?
What would you advise the chair of the SEC, Mary Shapiro, with respect to the “quiet period” before an IPO? Should it be upheld as is, changed, or completely eliminated?
What is the Volcker Rule? Why is there no “schadenfreude” over the JP Morgan loss? Take one side of the argument and defend it: banks should (should not) be allowed to invest their own money.
Do you agree it’s the “accounting lobby” stopping the bill because they’d lose SOX section 404 audit fees? Is this a case of over-regulation to the detriment of private capital formation and job creation?
