Tomorrow's the big deadline for many executives across the nation. By then, the SEC will require hundreds of CEOs and CFOs to personally verify that their financial reports are both accurate and complete. While it's already illegal to submit false filings, this new regulation will mean guilty parties could face personal liability and the potential loss of some salary or bonuses.
In our never-ending quest for the truth, we asked our crack Motley Fool research team to call every company executive to find out how they feel about the new rule. Unfortunately, no one would talk to us. Nonetheless, we think we have a pretty good idea of what's on their minds.
Top worries of executives facing the deadline:-
Controlling tremors so the signature is legible.
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Will actually have to learn what the term "free cash flow" means.
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Hours spent studying statements will disrupt napkin-folding classes with Martha Stewart.
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The hum of shredders running in the background might damage hearing.
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Making the signature "Arthur Andersen" look really official.
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Wondering if prison uniforms come in XXL sizes.
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Making sure that the "trust us" look for the official photos appears sincere.
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Missing out on selecting Marshall Faulk as top pick in fantasy football league draft due to real-life distractions.
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Waiting for the "nudge, nudge, wink, wink" auditing team gesture after being told that this notion is binding.
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Will have to spend "quality time" with laugh-a-minute accounting staff.
- Afraid shareholders will get the mistaken idea that management really cares about them.