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Meeting Highlights

SEC Regulations Committee Highlights – September 12, 2018

Wednesday, September 12, 2018

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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 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
  • Impact of Retrospective Application of New Accounting Standards on the Fourth and Fifth Year of Selected Financial Data table (e.g., new standard on long-duration insurance contracts)
  • Emerging Growth Company (EGC) Transition Issues
  • Financial statement requirements in an S-4 and/or merger proxy for an operating company merging with a SPAC
  • Leases (ASC 842) – Impact on Article 11 conclusions for Master Limited Partnership (MLP) drop-down transactions previously accounted for as common control business combinations under ASC 805 and now accounted for as failed sale-leaseback transactions under ASC 842