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Journal entry — CAQ SEC Regulations Committee releases highlights of June 18, 2015, meeting with SEC staff

Published on: Aug 07, 2015

Recently, the Center for Audit Quality (CAQ) posted to its Web site highlights of the June 18, 2015, CAQ SEC Regulations Committee joint meeting with the SEC staff. Topics discussed at the meeting included:

  • An upcoming change in the Division of Corporation Finance’s (the “Division’s”) Office of the Chief Accountant to make associate chief accountants responsible for accounting topics rather than specific industries. The process for reviewing filings will not otherwise change.
  • Current financial reporting matters:
    • The Division’s views regarding delinquent filings.
    • The impact of adopting new accounting standards on previous significance tests under Regulation S-X, Rule 3-09.1
    • Segment reporting.
    • An update on SEC Staff Accounting Bulletin Topic 5.Z.7, “Accounting for the Spin-Off of a Subsidiary.”
    • Requests for the Division staff to review incomplete filings.
  • Current practice issues:
    • Pro forma reserves and standardized measure of oil and gas (SMOG) data in connection with acquisitions and sales of oil and gas businesses.
    • The date for assessing whether an acquiree meets the definition of a foreign business under Regulation S-X,
      Rule 1-02(l).2

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1 SEC Regulation S-X, Rule 3-09, “Separate Financial Statements of Subsidiaries Not Consolidated and 50 Percent or Less Owned Persons.” 

2 SEC Regulation S-X, Rule 1-02(l), “Foreign Business.” 

CAQ SEC Regulations Committee releases highlights of June 18, 2015, meeting with  SEC staff Image

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