SEC Focusing On Offshore Cash Disclosure: Sources - FT

Date : 09/20/2011 @ 6:00AM
Source : Dow Jones News
Stock : Cit Grp. (Del) (CIT)
Quote : 49.03  0.04 (0.08%) @ 10:23AM

SEC Focusing On Offshore Cash Disclosure: Sources - FT

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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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