SEC Focusing On Offshore Cash Disclosure: Sources - FT
20 September 2011 - 12:00PM
Dow Jones News
The U.S. Securities and Exchange Commission is focusing on the
issue of overseas cash after new disclosures at Microsoft Corp.
(MSFT) and Google Inc. (GOOG) earlier this year raised interest in
the matter, the Financial Times reported Monday on its website,
citing unnamed sources.
The SEC has asked companies--including Dow Chemical Co. (DOW),
Fortune Brands Inc. (FO), Caterpillar Inc. (CAT) and CIT Group Inc.
(CIT)--to increase the information they give investors about their
overseas earnings and cash, the report said, without directly
citing a source.
There is currently no fixed rule for companies to disclose
details of how much they hold overseas, but the SEC's move comes
amid concerns that a tax on income generated overseas and brought
home might potentially lead companies to favor overseas
investments, the report said.
Full Story:
http://www.ft.com/intl/cms/s/0/462980ea-e2c9-11e0-897a-00144feabdc0.html#axzz1YTp8Tvxr
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