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Summary of the September CAQ SEC Regulations Committee meeting

  • CAQ (US Center for Audit Quality) Image

Nov 01, 2013

The Center for Audit Quality (CAQ) has published a summary of the discussions held during the CAQ SEC Regulations Committee meeting with the SEC staff on September 25, 2013. The meeting focused on emerging financial reporting issues related to SEC rules and regulations.

The meeting highlights include:

  • A personnel and organizational update on the Division of Corporation Finance.
  • An update on the changes made to the guidance on financial statement requirements related to acquisition of real estate operations within the Financial Reporting Manual.
  • Capital formation initiatives on the JOBS Act and recommendations by the SEC Investor Advisory Committee and Advisory Committee on Small and Emerging Businesses.
  • SEC staff and other initiatives regarding rulemaking for conflict minerals and extractive industry payments, COSO revised framework, the Financial Reporting and Audit Task Force and the use of the Accounting Quality Model to flag high-risk activities, and the implementation and enforcement of the interactive data rule.
  • Current practice issues concerning the application of interpretive guidance in FAQ #3 of Management's Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports-Frequently Asked Questions, potential issues related to the FASB’s proposals to permit private companies to apply alternative accounting principles, measuring significance of an acquired business using pro forma financial information following an IPO, and the adoption of a new accounting standard that requires retrospective application during an interim period and application of Rule 3-09 of Regulation S-X in a registration statement during that period.

The summary of the September SEC Regulations Committee meeting is available on the CAQ's Web site.

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