Augie & Zeev: I've been following the SEC's pronoucements in this area with great interest since I've officially Un-retired and returned to life as a public company CFO.
Here is my take: 1. A lot of CEO's are going to spend more time reviewing their numbers - generally this will be a good thing. 2. Internal audit departments will get some good budget increases - the personal fear of many of us CFO types is that some pipsqueak sub in Bhutan or somewhere will violate US GAAP and cover it up for a while before we can catch them and fire them. 3. Essentially all public companies purchase Directors and Officers insurance. These policies pay for defense costs when companies get sued, say, in the wake of bad news and a big stock price drop. It is beginning to look likely that the insurance companies will use this SEC reg to deny coverage - so CEO's and CFO's would have to pay defense costs out of pocket. OK if you are guilty; pretty expensive if the suit is frivolous....I think this part gives this quite significant importance. We'll have to see how it plays out.
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