'We stand ready to take any necessary action, including referring companies with material disclosure deficiencies to the Division of Enforcement' - SEC
The US regulator has warned that it will pursue companies who do not provide adequate disclosure and transparency in their financial reports, the office of the chief accountant of the Securities and Exchange Commission said yesterday.
In testifying about the Financial Accounting Standards Board's proposals on off-balance sheet accounting, senior SEC officials said the regulator will ask companies, where necessary, to improve disclosure through the review and comment process.
The rule could force companies to book billions in troubled assets and raise more capital to offset their risks.
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