SEC Regulations Committee Highlights - July 12, 2018

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:

• New Revenue Recognition Disclosures under ASC 606
• Release through EDGAR of Serious Deficiency Letters
• Recent Amendments to SRC Definition – Transition Questions
• Rule 3-10 of Regulation S-X
• Financial statement requirements in an S-4 and/or merger proxy for an operating company merging with a SPAC
• Emerging Growth Company (EGC) Transition Issues