
[Federal Register: October 26, 2011 (Volume 76, Number 207)]
[Notices]               
[Page 66339]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26oc11-100]                         

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65602; File No. 4-640]

 
Inaugural Roundtable of the Financial Reporting Series Entitled 
``Uncertainty in Financial Statements: How Much To Recognize and How 
Best To Communicate It''

AGENCY: Securities and Exchange Commission.

ACTION: Notice of roundtable discussion; request for comment.

-----------------------------------------------------------------------

SUMMARY: The Commission staff will hold a public roundtable discussion 
to consider financial statement measurements (and associated 
disclosures) that incorporate judgments about future events. The 
discussion will be open to the public with seating on a first-come, 
first-served basis. Members of the public may also listen by webcast on 
the SEC Web site at http://www.sec.gov. The roundtable discussion will 
take place in the Multipurpose Room (Room L-006) at the SEC 
Headquarters located at 100 F Street, NE., Washington, DC. Feedback is 
welcomed regarding any of the topics to be addressed at the roundtable.

DATES: The roundtable discussion will take place on Tuesday, November 
8, 2011, commencing at 10 a.m. and ending at 5 p.m. The Commission will 
accept comments regarding issues addressed at the roundtable until 
December 8, 2011.

FOR FURTHER INFORMATION CONTACT: J. Mike Starr, Deputy Chief 
Accountant, or Eric West, Associate Chief Accountant, at (202) 551-
5300, U.S. Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/other.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number 4-640 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number 4-640. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov). Comments are also available for 
Web site viewing and printing in the Commission's Public Reference 
Room, 100 F Street, NE., Washington, DC 20549, on official business 
days between the hours of 10 a.m. and 3 p.m. All comments received will 
be posted without change; we do not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly.

SUPPLEMENTARY INFORMATION: This will be the inaugural roundtable of the 
Financial Reporting Series. The Financial Reporting Series was 
instituted by SEC staff to assist in the proactive identification of 
risks related to, and areas of potential improvements in, the 
reliability and usefulness of financial information provided to 
investors. In this regard, the Financial Reporting Series is intended 
to facilitate balanced discussions of implementation issues or emerging 
issues in financial reporting.
    Feedback is welcomed regarding any of the topics to be addressed at 
the roundtable. The panel discussions will focus on the following 
topics and questions:
    1. Please provide feedback on any topics where the extent of 
uncertainty in an accounting measurement is less useful to investors 
and why a more certain measurement would be preferable. Likewise, 
provide feedback on those topics where a measurement with uncertainty 
gives investors useful information and why it is preferable to a more 
certain measurement.
    2. For those topics where uncertain measurements are useful to 
investors, how should the uncertainties be incorporated into the 
measure? Please explain the reasons for the measurement method(s) you 
selected.
    3. What information do investors utilize to understand uncertainty? 
Please describe why such information is useful and, if it is not 
disclosed in the financial statements, indicate its source.
    4. What are the challenges for investors in understanding the 
nature and extent of measurement uncertainty?
    5. As measurement uncertainty increases, please explain whether 
(and how, if applicable) it changes the investor's expectation of 
preparers and auditors.
    6. For preparers, what are the challenges in or impediments to 
providing investors with information to understand the nature and 
extent of measurement uncertainties?
    7. What are the challenges for auditors in evaluating management's 
judgments related to measurement uncertainties?
    8. Please provide feedback on whether (and how) a change in the 
auditor's responsibility or role would enhance the investor's 
understanding of the nature and extent of measurement uncertainties.
    9. Please provide any additional comments or suggestions pertinent 
to how much uncertainty to recognize and how best to communicate it.

    Dated: October 20, 2011.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-27696 Filed 10-25-11; 8:45 am]
BILLING CODE 8011-01-P

