Authors: M. Ferrara, A. Franco, D. Maltoni

C.d.L. Scienze dell’Informazione - Università di Bologna, via Sacchi 3, 47023 Cesena, Italy
DEIS - Viale Risorgimento, 2 - 40126 Bologna, Italy.
E-mail: {ferrara, franco, maltoni}@csr.unibo.it

Specifics of J-SOX requirements

The Japanese have developed a Sarbanes-type requirement for Internal Controls over Financial Reporting for their public companies.

New Japanese standards for evaluation and auditing of internal controls over financial reporting ("J-Sox" or "the Standards") were finalized in early 2007. Based on the Standards’ requirements, all listed companies in Japan are to prepare and submit internal control reports on a consolidated basis starting with the fiscal years commencing on or after April 1, 2008. It is important to note that most Japanese companies have a fiscal year ending March 31.

Makers of generic drugs would gain the right to sell copies of medicines developed by biotech companies such as Amgen Inc. and Genentech Inc. under legislation to be introduced in the U.S. Senate.

The measure would create a pathway for the Food and Drug Administration to approve copies of treatments made through biotechnology, the senators said today in an e-mailed statement. The sponsors are Democratic Senators Hillary Clinton and Edward Kennedy and Republican Senators Orrin Hatch and Michael Enzi.

Published by: Amper, Politziner & Mattia

It was an entertaining Superbowl, complete with another banner year of top flight beer commercials. But alas, I have to put down my beer and go back to work and address the regulatory requirements of Sarbanes-Oxley.

The Zangani Investor Community™ interviewed Andrea Cataneo, counsel for Sichenzia Ross Friedman Ference LLP located in New York City today. Ms. Cateneo represents companies in structuring business combinations as well as capital raising and also acts as securities counsel to public companies.

Sichenzia Ross Friedman Ference LLP provides experienced, professional representation in all matters involving the securities industry, as well as in all general corporate and litigation matters.

The Zangani Investor Community™ interviews John Pennett, Director of the Life Sciences for Amper, Politzner & Mattia. Mr. Pennett provides valuable insight into the challenges created by SEC regulations concerning life science companies.

Amper, Politziner & Mattia is a regional firm of CPA's and Consultants with offices throughout the New Jersey / New York area. Amper's Life Sciences Practice professionals have the expertise, resources, and relationships to assist both public and private life sciences companies to bridge the gap between business and science.

Published by: Amper, Politziner & Mattia

By now, most life sciences company CFOs and Controllers should be fully aware of the primary revenue recognition criteria as established by the Securities Exchange Commission (SEC). And we all realize that revenue recognition continues to be a Critical Accounting Policy for all companies. In the SEC’s Staff Accounting Bulletin (SAB) 101/104, the commission established the four major criteria for revenue recognition, which are: that persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller’s price is fixed or determinable, and collectibility is reasonably assured.

Christopher Cox, head of the Securities and Exchange Commission, recently posted in the discussion thread attached to Sun CEO Jonathan Schwartz's blog. The posting was in response to a letter Schwartz had written (and made available on his blog) more than a month ago, asking if the SEC would be willing to update "Regulation Fair Disclosure" to allow companies to first share corporate information over the Web. Cox's response: let's talk about it.