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CAQ releases highlights of October 2020 joint meeting with the SEC Staff

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Jan 22, 2021

On January 22, 2021, the Center for Audit Quality (CAQ) published highlights of the October 21, 2020, CAQ SEC Regulations Committee joint meeting with the SEC staff.

Topics discussed at the meeting included:

  • Transition questions regarding the SEC’s amendments of Regulation S-K, Items 101, 103, and 105.
  • Implementation questions regarding final amendments to Regulation S-X, Rules 3-05 and 3-10.
  • Observations on COVID-19-related disclosures.
  • Acquiree financial statements (Rule 3-05) that reflect an accounting policy election to use a risk-free discount rate to account for leases under ASC 842, Leases.
  • Determining the numerator for the income component of the income test in connection with the disposition of a business.

Review the highlights on the CAQ's website.

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