Fostering Innovation Act

Complexity in financial reporting; Auditor liability; Private Company Standard Issues/Financial Statements; PCAOB's proposed auditing standards; SEC's interpretive guidance Accounting Standards (FASB & IASB); Convergence/International Financial Reporting Standards; Dodd-Frank Act, Hedge accounting, Repeal of Last - in, First - out (LIFO) accounting method; H.R. 2779, To exempt Inter-affiliate Swaps from certain regulatory requirements; Money Market Funds reform; PCAOB audit firm rotation concept release: - H.R. 2682, the Business Risk Mitigation and Price Stabilization Act of 2011 - The Volcker Rule - Pension Funding Stabilization (H.R.4348) -Fostering Innovation Act (H.R. 6161)

Client expense: $93,750 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Office of Management & Budget (OMB), Pension Benefit Guaranty Corporation (PBGC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

General issues related to accounting, auditing, investor protection and corporate governance; Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 implementation (Sections 922 and Title IX); HR 1864 / S. 3485, the Mobile Workforce State Income Tax Simplification Act of 2011 (issues related to taxation of partners and staff by states); HR 2941/S 1962, Startup Expansion and Investment Act (issues related to preserving investor protections contained in the Sarbanes Oxley Act); HR 2930/S. 1791, Entrepreneur Access to Capital Act (issues related to auditing and accounting); HR 3213, To amend the Sarbanes-Oxley Act of 2002 to provide additional exemptions from the internal control auditing requirements for smaller and newer public companies (issues related to auditing and accounting, auditor independence, objectivity and skepticism); HR 3476 /S. 1866, AGREE Act (issues related to preserving investor protections contained in the Sarbanes Oxley Act); HR 3606 / S. 1993, Reopening American Capital Markets to Emerging Growth companies Act of 2011 (issues related to auditing and accounting); HR 3503/S. 1907, PCAOB Enforcement Act of 2011 (issues related to PCAOB disciplinary proceedings); HR 3655, Small Business Access to Capital Act of 2011 (issues related to preserving investor protections contained in the Sarbanes Oxley Act); HR 6161, Fostering Innovation Act (issues related to preserving investor protections contained in the Sarbanes Oxley Act); S. 1965, Startup Act of 2011 (issues related to cost/benefit analysis of federal or independent agency rules).

Client expense: $600,000 · Firm income: Not reported

Capital Formation and Capital Markets; Implementation of H.R. 3606, Jumpstart Our Business Startups Act (Public Law 112--106); H.R. 6161, "Fostering Innovation Act"; market structure

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

HR 6161- Redefining "accelerated filer"

Client expense: $390,000 · Firm income: Not reported

Government targets: Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Legislative Amendments to SEC Rule 12b-2 Filing Status Definitions H.R. 6161: Fostering Innovation Act Reform of SEC Regulation D Therapeutic Discovery Project Tax Credit S.3232: A Bill to Amend the Internal Revenue Code of 1986 and the Patient Protection and Affordable Care Act to Extend, Expand, and Improve the Qualifying Therapeutic Discovery Project Program Extension Capital Formation Investment Incentives H.R. 6599/S.3595: High Technology Small Business Research Incentives Act of 2012 Small Business Innovation Research (SBIR) Program Rulemaking

Client expense: $1,740,000 · Firm income: Not reported

HR 2827: TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO CLARIFY PROVISIONS RELATING TO THE REGULATION OF MUNICIPAL ADVISORS, AND FOR OTHER PURPOSES; PROVISIONS RELATED TO EXEMPTIONS FROM MUNICIPAL ADVISORS HR 3606: JUMPSTART OUR BUSINESS STARTUPS (JOBS ACT); PROVISIONS RELATED TO SEC TICK SIZE STUDY HR 6161: TO PROVIDE AN EXEMPTION FOR LOW-REVENUE COMPANIES FROM CERTAIN SEC REGULATIONS (FOSTERING INNOVATION ACT); PROVISIONS RELATED TO REDEFINITION OF ACCELERATED FILER/SARBANES OXLEY ISSUES RELATED TO MARKET STRUCTURE AND TICK SIZE

Client expense: $80,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Legislative Amendments to SEC Rule 12b-2 Filing Status Definitions H.R. 6161: Fostering Innovation Act Reform of SEC Regulation D Therapeutic Discovery Project Tax Credit S.3232: A Bill to Amend the Internal Revenue Code of 1986 and the Patient Protection and Affordable Care Act to Extend, Expand, and Improve the Qualifying Therapeutic Discovery Project Program Extension Capital Formation Investment Incentives H.R. 6599/S.3595: High Technology Small Business Research Incentives Act of 2012 Small Business Innovation Research (SBIR) Program Rulemaking

Client expense: $1,740,000 · Firm income: Not reported

Support for globally consistent accounting standards; Support for independent accounting standard setting process; Support for use of fair value accounting; Support for continued investor portections under Sarbanes Oxley Section 404; Dodd- Frank Wall Street Reform and Consumer Protection Act - Section 922 (Whistleblower Provision), including HR 2403 Whistlblower Improvement Act of 2011; Small Company Job Growth and Regulatory Relief Act of 2011 -- opposing amendment to Sarbanes-Oxley Act of 2002 to exempt companies from the internal control auditing requirement; HR 3606 - Jumpstart Our Business Startups Act / S1933 - Reopening American Capital markets to Emerging Growth companies Act of 2011 -- support for provisions related to maintaining an independent accounting and auditing standard setting process; HR 3503 - To amend the Sarbanes-Oxley Act of 2002 to make Public Company Accounting Oversight Board disciplinary proceedeings open to the public / S1907 - PCAOB Enforcement Transparency Act of 2011 -- support for maintaining the confidentiality protections under current law; HR 6161 - To provide an exemption for low-revenue companies for certain SEC regulations -- support for maintaining internal control requirement for companies with market capitalization between $250M and $700M; S 1789 - 21st Century Postal Service Act, HR 2146 - DATA Act, HR 4631 - Government Spending Accountability Act of 2012 -- provisions related to Government Conferences

Client expense: $590,000 · Firm income: Not reported

General issues related to accounting, auditing, investor protection and corporate governance; Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 implementation (Sections 922 and Title IX); HR 1070, Small Company Capital Formation Act of 2011 (Sec 2 and issues related to expansion of exemptions for certain securities) ; HR 1439, Business Activity Tax Simplification Act of 2011 (issues related to tax on services); HR 1697, Communities First Act (Sec. 102, 104 and 105 dealing with exemptions from compliance with provisions of the Sarbanes Oxley Act and accounting principles); HR 1864 / S. 3485, the Mobile Workforce State Income Tax Simplification Act of 2011 (issues related to taxation of partners and staff by states); HR 2483, Whistleblower Improvement Act of 2011 (issues related to internal reporting process and requirements for whistleblowers); HR 2941/S 1962, Startup Expansion and Investment Act (issues related to preserving investor protections contained in the Sarbanes Oxley Act); HR 2167/S 1824, Private Company Flexibility & Growth Act (issues related to company registration with SEC); HR 2930/S. 1791, Entrepreneur Access to Capital Act (issues related to auditing and accounting); HR 3213, To amend the Sarbanes-Oxley Act of 2002 to provide additional exemptions from the internal control auditing requirements for smaller and newer public companies (issues related to auditing and accounting, auditor independence, objectivity and skepticism); HR 3476 /S. 1866, AGREE Act (issues related to preserving investor protections contained in the Sarbanes Oxley Act); HR 3606 / S. 1993, Reopening American Capital Markets to Emerging Growth companies Act of 2011 (issues related to auditing and accounting); HR 3503/S. 1907, PCAOB Enforcement Act of 2011 (issues related to PCAOB disciplinary proceedings); HR 3655, Small Business Access to Capital Act of 2011 (issues related to preserving investor protections contained in the Sarbanes Oxley Act); HR 6161, Fostering Innovation Act (issues related to preserving investor protections contained in the Sarbanes Oxley Act); S. 1965, Startup Act of 2011 (issues related to cost/benefit analysis of federal or independent agency rules); lease accounting revisions by Financial Accounting Standards Board; and general issues related to Sarbanes-Oxley Act of 2002.

Capital Formation and Capital Markets; Implementation of H.R. 3606, Jumpstart Our Business Startups Act (Public Law 112--106); H.R. 6161, "Fostering Innovation Act"

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Complexity in financial reporting; Auditor liability; Private Company Standard Issues/Financial Statements; PCAOB's proposed auditing standards; SEC's interpretive guidance Accounting Standards (FASB & IASB); Convergence/International Financial Reporting Standards; Dodd-Frank Act, Hedge accounting, Repeal of Last - in, First - out (LIFO) accounting method; H.R. 2779, To exempt Inter-affiliate Swaps from certain regulatory requirements; Money Market Funds reform; PCAOB audit firm rotation concept release: - H.R. 2682, the Business Risk Mitigation and Price Stabilization Act of 2011 - The Volcker Rule - Pension Funding Stabilization (H.R.4348) -Fostering Innovation Act (H.R. 6161)

Client expense: $93,750 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Office of Management & Budget (OMB), Pension Benefit Guaranty Corporation (PBGC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

HR 6161- Redefining "accelerated filer"

Client expense: $310,000 · Firm income: Not reported

Government targets: Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE, Securities & Exchange Commission (SEC)