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 following highlights is to summarize the issues discussed at the meetings. These highlights summarize topics discussed, including the following: Non-GAAP Financial Measures; Industry Guide 3 and revised FDIC insurance coverage disclosures; changes in ICFR in preparation for the adoption of a new accounting standard; requirement to provide restated financial statements when a Form S-3 registration statement is filed after the registrant has filed its first Form 10-Q reflecting full retrospective adoption of the new revenue standard; Transition Questions Related to the New Leasing Standard; differing adoption dates for ASU No. 2014-09, Revenue from contracts with customers; and Implications of General Instruction A.4 of Form 10-K on Form S-3.
June 14, 2016