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• CalPERS Initiative to Ensure the Integrity of Financial Reporting

CalPERS Initiative to Ensure the Integrity of Financial Reporting

As an investor and provider of long-term capital, CalPERS has a great interest in the improvement and integrity of financial reporting. Investors and shareowners should expect auditors to bring integrity, independence, objectivity, and professional competence to the financial reporting process. Public and investor confidence and stability are essential to the success and effective functioning of the capital markets. To ensure this confidence, as an active investor, CalPERS will provide leadership through substantive initiatives which include:

• Promote international integrated reporting - brings together financial, environmental, social and governance information.
• Expand CalPERS Global Principles of Accountable Corporate Governance as it relates to accurate financial disclosure, international financial reporting standards and auditor independence;
• Improve financial disclosure and audit practices through direct company engagement in the CalPERS Focus List Program;
• Comment to regulators to assist with market reform, auditor independence and accurate financial reporting;
• Engage audit committee directors through the National Association of Corporate Directors;
• Participate in advisory boards and roundtables to provide investors, perspective — International Corporate Governance Network, Public Company Accounting Oversight Board, Financial Accounting Standards Board, Securities and Exchange Commission and Congressional Committees;
• Participate within the market to address current issues:
  

  2012   2011   2010

2012

1. February 28, 2012, CalPERS Comments on PCAOB Audit Committee Communication (PDF, 37 KB)
2. January 12, 2012, Concept Release on Auditor Independence and Audit Firm Rotation (PDF, 57 KB)

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2011

1. December 15, 2011, Joint Submission to the IIRC (PDF, 127 KB)
   RE: Discussion Paper on Integrated Reporting
2. September 15, 2011, Discussion and Talking Points - PCAOB Roundtable (PDF, 303 KB)
3. August 3, 2011, U.S. Securities & Exchange Commission Staff Paper (PDF, 53 KB) Work Plan for the Consideration of Incorporating International Financial Reporting Standards (IFRS) into the Financial Reporting System for U.S. Issuers - Exploring a Possible Method of Incorporation
4. July 7, 2011, Roundtable on International Financial Reporting Standard in US (PDF, 23 KB) Mary Morris' Opening Statement.
5. May 5, 2011, Comment Letter on Framework for Integrated Reporting and the Integrated Report - South Africa (PDF, 68 KB)

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2010

1. December 24, 2010, Consultation - Green Paper (PDF, 65 KB) - Audit Policy: Lessons from the Crisis
2. September 30, 2010, Accounting for Financial Instruments (PDF, 33 KB) and Revisions to the Accounting for Derivative Instruments and Hedging Activities.
3. September 21, 2010, Participation in PCAOB Roundtable on Communications Beneficial to Audit Communications (PDF, 21 KB)
4. August 19, 2010, Exposure Draft (PDF, 28 KB) (ED) on proposed accounting standards update, Contingencies (Topic 45), Disclosure of Certain Loss Contingencies.
5. July 20, 2010, Proposed Revisions to Regulation AB and other rules regarding the offering process, disclosure and reporting for asset-backed securities (PDF, 46 KB).
6. June 3, 2010, Proposed Auditing Standard Related to Communications with Audit Committees and related Amendments to Certain PCAOB Auditing Standards (PDF, 40 KB).
7. March 1, 2010, Proposed Auditing Standards Related to the Auditor's Assessment of and Response to Risk and Related Amendments to PCAOB Standards (PDF, 24 KB).
8. February 22, 2010, Treatment by the Federal Deposit Insurance Corporation (PDF, 28 KB) as Conservator or Receiver of Financial Assets Transferred by and Insured Depository Institution in Connection With a Securitization or Participation after March 31, 2010.
9. February 12, 2010 Incorporating Employee Compensation (PDF, 34 KB) Criteria into the Risk Assessment System.

For archived articles and additional related information on Integrity of Financial Reporting, please visit our Library & Resources page.

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