March 23, 2017

SEC Regulations Committee Highlights - March 23, 2017

The Center for Audit Quality SEC Regulations Committee meets periodically with the staff of the SEC to discuss emerging financial reporting issues relating to SEC rules and regulations. The purpose of the highlights (available for download below) is to summarize the issues discussed at the meetings. These highlights summarize topics discussed, including a personnel and committee update. The financial reporting matters discussed included the following:

  • SAB 74 Disclosures about Newly-Issued Standards
  • Non-GAAP Financial Measures
  • Definition of a Business – Interaction between the new GAAP definition of a business and the S-X Article 11 definition
  • The effects of accounting changes by a successor entity on the predecessor period financial statements
  • Adoption of ASC 606, Revenue from Contracts with Customers, when an Emerging Growth Company (EGC) that elected private company adoption dates ceases to qualify as an EGC
  • Electronic Submission of Pre-Filing Correspondence