INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS
20 September 2011 -- The US Securities and Exchange Commission (SEC) has called on a large number of US companies to disclose more information about their earnings and the cash they hold overseas, the Financial Times reported.
Currently companies are not required to disclose detailed information on their cash holdings abroad. However, the SEC usually sends public comment letters to companies which it believes should provide more information about their liquidity.
People close to the SEC said that new disclosures by Microsoft (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MSFT MSFT Microsoft (stock symbol)
MSFT Movimento Sociale Fiamma Tricolore (Italy)
MSFT Multi-Stage Fitness Test
MSFT Master of Science in Family Therapy
MSFT Macalester Students for Fair Trade ) and Google (NASDAQ:GOOG GOOG Google, Inc. (stock symbol) ) had triggered the commission's interest in the issue of cash held overseas.
The market watchdog's move comes amid widespread concerns that issues related to paying taxes may be having bad influence on taking business decisions, driving companies to invest abroad.
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