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1997-11-07 23:05:30


Day of Reckoning, 1998: Accountants, Earnings, and Y2K



The Securities & Exchange Commission has tentatively -- very, very tentatively -- begun to pressure companies to assess y2k costs. The accountants must now decide how much liability they are willing to bear in reporting y2k estimates on earnings.

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Public companies are required to follow the disclosure requirements established by the SEC, and, as discussed below, the SEC staff has issued guidance concerning disclosures about the Year 2000 Issue. The disclosures required by the SEC should be presented outside of the entity’s financial statements. . . .

A company's Year 2000 costs or consequences may reach a level of importance that prompts it to consider filing a Form 8-K. At their option, companies would file these reports under Item 5 of Form 8-K. In considering whether to file a Form 8-K, companies should be particularly mindful of the accuracy and completeness of information in registration statements filed under the Securities Act which incorporate by reference Exchange Act reports, including Form 8-Ks.


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