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CAQ releases highlights of March 2019 joint meeting with the SEC staff

  • CAQ (US Center for Audit Quality) Image

May 17, 2019

The Center for Audit Quality (CAQ) has published highlights of the March 20, 2019, CAQ SEC Regulations Committee joint meeting with the SEC staff.

Topics discussed at the meeting included:

  • Individually tailored non-GAAP financial measures.
  • Emerging growth company (EGC) transition requirements for new accounting standards.
  • Presentation of the contractual obligations table upon adoption of the new leasing standard, ASC 842.
  • Presentation of earnings before interest, tax, depreciation, and amortization (EBITDA) after the adoption of ASC 842.
  • Regulation S-X, Rule 3-05, requirements for EGCs submitting a draft registration statement for an IPO.
  • Impact of ASC 842 on significance tests under Rule 3-05.
  • Financial statement schedules for an investee under Regulation S-X, Rule 3-09.
  • The requirement to file a Form 8-K under Item 2.01 when a waiver for Rule 3-05 financial statements has been obtained.

For more information, see the meeting highlights on the CAQ’s Web site.

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