Meeting Highlights

SEC Regulations Committee Highlights – June 18, 2015

Thursday, June 18, 2015

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The CAQ’s SEC Regulations Committee meets periodically with the staff of the Securities and Exchange Commission (SEC) to discuss emerging technical accounting and reporting issues relating to SEC rules and regulations. These highlights summarize the issues discussed at this meeting: Division of Corporation Finance (Division) personnel and organizational update; Division views regarding delinquent filings; the impact of adopting new accounting standards on previous significance tests; segment reporting; update on SAB Topic 5.Z.7; accounting for the spin-off of a subsidiary; requests to Division staff for reviews of incomplete filings; pro forma reserves and standardized measure of oil and gas (SMOG) data in connection with acquisitions and sales of oil and gas businesses; and the date for assessing whether an acquiree meets the definition of a foreign business in Rule 1-02(i) of Regulation S-X.