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CAQ SEC Regulations Committee releases highlights of March 21, 2016, joint meeting with SEC staff

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May 20, 2016

On May 20, 2016, the Center for Audit Quality (CAQ) posted highlights of the March 21, 2016 CAQ SEC Regulations Committee joint meeting with the SEC staff.

Topics discussed at the meeting include:

  • Current financial reporting matters:
    • Transition questions related to the FASB’s new leases standard (ASU 2016-02).
    • The lack of availability of FAST Act initial filing accommodations to registrants other than emerging growth companies (EGCs) and to SEC forms other than Forms S-1 and F-1.
    • Confirmation that the guidance on conflict minerals in the SEC staff’s April 29, 2014, public statement is still current.
    • Updates to the SEC’s FRM, particularly the changes to paragraph 11100.2 on the presentation of supplementary quarterly financial data required by Regulation S-K, Item 302, in EGC filings.
    • Status of disclosure effectiveness initiatives related to Regulation S-X and Regulation S-K.
    • Recent remarks made by the SEC staff related to non-GAAP measures.
    • Providing supplemental pro forma information in MD&A when a registrant adopts the new revenue guidance in ASC 606 on a modified retrospective basis.
  • Current practice issue:
    • The application of the general instructions applicable to EGCs for Form S-1 or Form F-1 with respect to pro forma financial information for a fiscal year that a registrant reasonably believes will not be included in a registration statement at the time of a contemplated offering.

Review the highlights on the SEC's Web site.

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