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Journal entry — CAQ SEC Regulations Committee releases highlights of March 31, 2015, meeting with SEC staff

Published on: Jun 08, 2015

Recently, the Center for Audit Quality (CAQ) posted to its Web site highlights of the March 31, 2015, CAQ SEC Regulations Committee joint meeting with the SEC staff. Topics discussed at the meeting included:

  • Current financial reporting matters:
    • SEC reporting questions associated with the implementation of the new revenue recognition standard (issued as ASU 2014-091 by the FASB and IFRS 152 by the IASB).
    • Reporting implications related to the implementation of the FASB’s new consolidation standard.3
    • Predecessor financial statements in spin-off, initial public offering (IPO), and put-together transactions.
    • Disclosures about auditor changes that result from mandatory audit firm rotation.
  • Current practice issues:
    • Applying Regulation S-X, Rule 3-14,4 in a registration statement.
    • Determining whether Regulation S-K, Item 302(a),5 is required in a registrant’s “follow-on” registration statement after the filing of its initial registration statement (i.e., IPO registration statement) and before the filing of its first Form 10-K.


1 FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers.

2 IFRS 15, Revenue From Contracts With Customers.

3 FASB Accounting Standards Update No. 2015-02, Amendments to the Consolidation Analysis.

4 SEC Regulation S-X, Rule 3-14, “Special Instructions for Real Estate Operations to Be Acquired.”

5 SEC Regulation S-K, Item 302, “Supplementary Financial Information.”


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