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Meeting Highlights

SEC Regulations Committee Highlights – June 25, 2019

Tuesday, June 25, 2019

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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 above) is to summarize the issues discussed at the meetings. These highlights summarize topics discussed. The financial reporting matters discussed included the following:

  • Use of averaging for purposes of testing significance when registrant has applied the full retrospective method of adopting ASC 606 but has not re-casted the earliest two periods
  • Emerging Growth Company (EGC) Transition Issues
  • Application of amended MD&A provisions that permit the omission of the earliest period of MD&A in a filing in circumstances where there has been a retrospective change to the financial statements, including error corrections and changes in accounting principle, among others
  • Interim periods required for changes in stockholders’ equity in a registration or proxy statement
  • Non-GAAP measures