Heads Up on AICPA meeting with SEC staff

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06 Nov 2007

We have posted the 5 November 2007 Edition of the Heads Up Newsletter published by Deloitte & Touche LLP (United States).

This issue of Heads Up summarises the discussions at a meeting on 11 October 2007 between the AICPA SEC Regulations Committee and the SEC staff. Those discussions covered, among other things:
  • Eligibility criteria to determine the age of the financial statements of an acquired business that must be provided in a registration statement
  • Disclosure requirements in registration statements for proposed FSP APB 14-a regarding convertible debt securities
  • Financial statements a registrant should use in determining the significance of an acquired business that is a successor to a predecessor company
  • What guarantor financial statements a registrant must provide in an automatic shelf registration statement at the time of filing
  • How a registrant should determine whether separate financial statements or summarised financial information is required when an investment is accounted for under the FASB Statement 159 fair value option rather than under the equity method
  • Financial statements that an issuer of asset-backed securities must provide for entities providing credit enhancements in certain periodic reports
  • Registrant's requirement to update its financial statements in a Form S-8 when subsequent events (such as discontinued operations or changes in segments) have occurred
The Regulations Committee is composed of representatives from various public accounting firms, industry, and academia, and meets periodically with the SEC staff to discuss emerging technical accounting and reporting issues relating to SEC rules and regulations.
Click to view the Heads Up newsletter (PDF 131k).


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