Advisory Committee on Improvements to Financial Reporting, 73050-73051 [E7-24905]

Download as PDF 73050 Federal Register / Vol. 72, No. 246 / Wednesday, December 26, 2007 / Notices Section 213.3353 Protection Board Merit Systems MPGS60014 Counsel to the Chairman. Effective November 09, 2007. Section 213.3357 National Credit Union Administration CUOT01324 Staff Assistant to the Director of Public and Congressional Affairs to the Chairman. Effective November 09, 2007. Section 213.3384 Department of Housing and Urban Development DUGS60417 Special Assistant to the Assistant Deputy Secretary for Field Policy and Management. Effective November 14, 2007. Section 213.3396 National Transportation Safety Board TBGS81116 Confidential Assistant to the Chairman. Effective November 29, 2007. Authority: 5 U.S.C. 3301 and 3302; E.O. 10577, 3 CFR 1954–1958 Comp., p. 218. U.S. Office of Personnel Management. Howard C. Weizmann, Deputy Director. [FR Doc. E7–24924 Filed 12–21–07; 8:45 am] BILLING CODE 6325–39–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of Investor Education and Advocacy, Washington, DC 20549–0213. pwalker on PROD1PC71 with NOTICES Extension: Rule 0–2, Form ADV–NR; SEC File No. 270–214; OMB Control No. 3235–0240. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. The title for the collection of information is ‘‘Rule 0–2’’ (17 CFR 275.0–2) and ‘‘Form ADV–NR’’ (17 CFR 279.4) under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1). Rule 0– 2 and Form ADV–NR facilitate service of process to non-resident investment advisers and their non-resident general partners or non-resident managing agents. The Form requires these persons VerDate Aug<31>2005 17:33 Dec 21, 2007 Jkt 214001 to designate the Commission as agent for service of process. The purpose of this collection of information is to enable the commencement of legal and/ or regulatory actions against investment advisers that are doing business in the United States, but are not residents. The respondents to this information collection would be each non-resident general partner or non-resident managing agent of an SEC-registered adviser. The Commission has estimated that compliance with the requirement to complete Form ADV–NR imposes a total burden of approximately 1 hour for an adviser. Based on our experience with these filings, we estimate that we will receive 18 Form ADV–NR filings annually. Based on the 1.0 hour per respondent estimate, the Commission staff estimates a total annual burden of 18 hours for this collection of information. Rule 0–2 and Form ADV–NR do not require recordkeeping or records retention. The collection of information requirements under the rule and form are mandatory. The information collected pursuant to the rule and Form ADV–NR is a filing with the Commission. This filing is not kept confidential and must be preserved until at least three years after termination of the enterprise. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. General comments regarding the above information should be directed to the following persons: (i) Desk Officer for the Securities and Exchange Commission, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503 or e-mail to: Alexander_T._Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information Officer, Securities and Exchange Commission, C/O Shirley Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-mail to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: December 17, 2007. Florence E. Harmon, Deputy Secretary. [FR Doc. E7–24885 Filed 12–21–07; 8:45 am] BILLING CODE 8011–01–P PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release Nos. 33–8874; 34–56989; File No. 265–24] Advisory Committee on Improvements to Financial Reporting Securities and Exchange Commission. ACTION: Notice of Meeting of SEC Advisory Committee on Improvements to Financial Reporting. AGENCY: SUMMARY: The Securities and Exchange Commission Advisory Committee on Improvements to Financial Reporting is providing notice that it will hold a public meeting on Friday, January 11, 2008, in the Multipurpose Room, Room L–006, at the Commission’s main offices, 100 F Street, NE., Washington, DC, beginning at 9:30 a.m. The meeting will be open to the public. The meeting will be webcast on the Commission’s Web site at http://www.sec.gov. The public is invited to submit written statements for the meeting. The agenda for the meeting includes: (1) Discussion and deliberation of a Committee progress report with concrete proposals and conceptual approaches based on the Committee’s work to date in the areas of substantive complexity, standard setting, audit process and compliance and delivery of financial information; (2) a decision to use the Committee progress report as the basis for a report to be published for public comment; and (3) a discussion of next steps and planning for the next meeting. Written statements should be received on or before January 4, 2008. ADDRESSES: Written statements may be submitted by any of the following methods: DATES: Electronic Comments • Use the Commission’s Internet submission form (http://www.sec.gov/ rules/other.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number 265–24 on the subject line. Paper Comments • Send paper statements in triplicate to Nancy M. Morris, Federal Advisory Committee Management Officer, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File No. 265–24. This file number should be included on the subject line if e-mail is used. To help us process and review your statements more efficiently, please E:\FR\FM\26DEN1.SGM 26DEN1 Federal Register / Vol. 72, No. 246 / Wednesday, December 26, 2007 / Notices use only one method. The Commission staff will post all statements on the Advisory Committee’s Web site (http:// www.sec.gov/about/offices/oca/ acifr.shtml). Statements also will be available for public inspection and copying 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 statements 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. FOR FURTHER INFORMATION CONTACT: James L. Kroeker, Deputy Chief Accountant, or Shelly C. Luisi, Senior Associate Chief Accountant, at (202) 551–5300, Office of the Chief Accountant, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–6561. SUPPLEMENTARY INFORMATION: In accordance with section 10(a) of the Federal Advisory Committee Act, 5 U.S.C. App. 1, § 10(a), James L. Kroeker, Designated Federal Officer of the Committee, has approved publication of this notice. Dated: December 19, 2007. Nancy M. Morris, Committee Management Officer. [FR Doc. E7–24905 Filed 12–21–07; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 8873; Release No. 56986] pwalker on PROD1PC71 with NOTICES Securities Act of 1933; Securities Exchange Act of 1934; Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2008 The Sarbanes-Oxley Act of 2002 (the ‘‘Act’’) established the Public Company Accounting Oversight Board (‘‘PCAOB’’) to oversee the audits of public companies and related matters, to protect investors, and to further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB is to accomplish these goals through registration of public accounting firms and standard setting, inspection, and disciplinary programs. Section 109 of the Act provides that the PCAOB shall establish a reasonable annual accounting support fee, as may be necessary or appropriate to establish and maintain the PCAOB. Section 109(h) amends section 13(b)(2) of the VerDate Aug<31>2005 17:33 Dec 21, 2007 Jkt 214001 Securities Exchange Act of 1934 to require issuers to pay the allocable share of a reasonable annual accounting support fee or fees, determined in accordance with section 109 of the Act. Under section 109(f), the aggregate annual accounting support fee shall not exceed the PCAOB’s aggregate ‘‘recoverable budget expenses,’’ which may include operating, capital and accrued items. Section 109(b) of the Act directs the PCAOB to establish a budget for each fiscal year in accordance with the PCAOB’s internal procedures, subject to approval by the Securities and Exchange Commission (the ‘‘Commission’’). On July 18, 2006, the Commission amended its Rules of Practice related to its Informal and Other Procedures to add a rule to facilitate the Commission’s review and approval of PCAOB budgets and accounting support fees.1 The new budget rule provides, among other things, a timetable for the preparation and submission of the PCAOB budget and for Commission actions related to each budget, a description of the information that should be included in each budget submission, limits on the PCAOB’s ability to incur expenses and obligations except as provided in the approved budget, procedures relating to supplemental budget requests, requirements for the PCAOB to furnish on a quarterly basis certain budgetrelated information, and a list of definitions that apply to the rule and to general discussions of PCAOB budget matters. The new budget rule requires compliance beginning with the budget process for fiscal year 2008. Accordingly, in March 2007 the PCAOB provided the Commission with a narrative description of its program issues and outlook for the 2008 budget year. In response, the Commission staff provided to the PCAOB staff economic assumptions and budgetary guidance for the 2008 budget year. The PCAOB subsequently delivered a preliminary budget and budget justification to the Commission. The staff from the Commission’s Offices of the Chief Accountant, Executive Director and Information Technology dedicated a substantial amount of time to the review and analysis of the PCAOB’s programs, projects and budget estimates, reviewed the PCAOB’s estimates of 2007 actual spending, and attended several meetings with management and staff of the PCAOB to develop an understanding of the PCAOB’s budget and operations. During the course of the Commission’s review, the Commission staff relied upon representations and supporting documentation from the PCAOB. Based on this comprehensive review, the Commission issued a ‘‘pass back’’ to the PCAOB. The PCAOB approved its 2008 budget on November 19, 2007 and submitted that budget for Commission approval. After considering the above, the Commission did not identify any proposed disbursements in the 2008 budget adopted by the PCAOB that are not properly recoverable through the annual accounting support fee, and the Commission believes that the aggregate proposed 2008 annual accounting support fee does not exceed the PCAOB’s aggregate recoverable budget expenses for 2008. As part of its review of the 2008 PCAOB budget, the Commission notes that this is the first year of compliance with the new budget rule. The Commission recognizes that the PCAOB is continuing to work with its program areas to develop full and robust submissions in response to the new budget rule. The PCAOB also is in an important review and reorganization phase regarding its IT program, and the PCAOB intends to implement annual and special reporting for registered public accounting firms, a function required by section 102(d) of the Sarbanes-Oxley Act of 2002, in the 2008 budget year. In addition, the Commission believes an integral part of the PCAOB’s budget process, and of import to the Commission in fulfilling its oversight responsibilities, is the PCAOB’s longrange strategic planning. The budget rule requires the PCAOB to maintain a comprehensive strategic plan that supports each budget request,2 describes the required minimum elements of the plan,3 and requires the PCAOB’s budget submission to describe the relationship between the strategic plan and the resources requested in the budget.4 The Board submitted a strategic plan to the Commission in May, 2007, and the Commission subsequently provided comments designed to improve the plan so that it better informs the budget request as anticipated by the rule and facilitates the Commission’s review and approval thereof. Because of the important role that the strategic plan plays in informing the PCAOB’s budget request, and to address the other items mentioned above, the Commission 2 See 1 17 CFR 202.11. See Release No. 33–8724 (July 18, 2006) [71 FR 41998 (July 24, 2006)]. PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 73051 17 CFR 202.11(g). 17 CFR 202.11(b)(9). 4 See 17 CFR 202.11(b)(2) and (b)(5). 3 See E:\FR\FM\26DEN1.SGM 26DEN1

Agencies

[Federal Register Volume 72, Number 246 (Wednesday, December 26, 2007)]
[Notices]
[Pages 73050-73051]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24905]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-8874; 34-56989; File No. 265-24]


Advisory Committee on Improvements to Financial Reporting

AGENCY: Securities and Exchange Commission.

ACTION: Notice of Meeting of SEC Advisory Committee on Improvements to 
Financial Reporting.

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SUMMARY: The Securities and Exchange Commission Advisory Committee on 
Improvements to Financial Reporting is providing notice that it will 
hold a public meeting on Friday, January 11, 2008, in the Multipurpose 
Room, Room L-006, at the Commission's main offices, 100 F Street, NE., 
Washington, DC, beginning at 9:30 a.m. The meeting will be open to the 
public. The meeting will be webcast on the Commission's Web site at 
http://www.sec.gov. The public is invited to submit written statements 
for the meeting.
    The agenda for the meeting includes: (1) Discussion and 
deliberation of a Committee progress report with concrete proposals and 
conceptual approaches based on the Committee's work to date in the 
areas of substantive complexity, standard setting, audit process and 
compliance and delivery of financial information; (2) a decision to use 
the Committee progress report as the basis for a report to be published 
for public comment; and (3) a discussion of next steps and planning for 
the next meeting.

DATES: Written statements should be received on or before January 4, 
2008.

ADDRESSES: Written statements may be submitted by any of the following 
methods:

Electronic Comments

     Use the Commission's Internet submission form (http://
www.sec.gov/rules/other.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number 265-24 on the subject line.

Paper Comments

     Send paper statements in triplicate to Nancy M. Morris, 
Federal Advisory Committee Management Officer, Securities and Exchange 
Commission, 100 F Street, NE., Washington, DC 20549-1090.
    All submissions should refer to File No. 265-24. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your statements more efficiently, please

[[Page 73051]]

use only one method. The Commission staff will post all statements on 
the Advisory Committee's Web site (http://www.sec.gov/about/offices/
oca/acifr.shtml). Statements also will be available for public 
inspection and copying 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 statements 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.

FOR FURTHER INFORMATION CONTACT: James L. Kroeker, Deputy Chief 
Accountant, or Shelly C. Luisi, Senior Associate Chief Accountant, at 
(202) 551-5300, Office of the Chief Accountant, Securities and Exchange 
Commission, 100 F Street, NE., Washington, DC 20549-6561.

SUPPLEMENTARY INFORMATION: In accordance with section 10(a) of the 
Federal Advisory Committee Act, 5 U.S.C. App. 1, Sec.  10(a), James L. 
Kroeker, Designated Federal Officer of the Committee, has approved 
publication of this notice.

    Dated: December 19, 2007.
Nancy M. Morris,
Committee Management Officer.
 [FR Doc. E7-24905 Filed 12-21-07; 8:45 am]
BILLING CODE 8011-01-P