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U.S. comment letter on SEC issues exemptions

Published on: Apr 01, 2014

An excerpt from the comment letter is shown below:

Our observations primarily address the following topics:

  • Audit and independence standards — We believe that issuers of Tier 2 offerings should be permitted to file financial statements audited in accordance with AICPA standards and that auditors of financial statements in Tier 1 and Tier 2 offerings should be allowed to meet the AICPA’s independence standards.
  • Transition provisions under U.S. GAAP — We encourage the Commission to explicitly state whether financial statements of issuers may include accounting policy alternatives for private companies. We also encourage the Commission to consider whether exceptions similar to those provided for emerging growth companies (EGCs) (e.g., deferred effective dates of new accounting standards) should be permitted for private companies.

Full text of the comment letter is available below.

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Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.