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Meeting Highlights

SEC Regulations Committee Highlights – September 24, 2019

Tuesday, September 24, 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:

  • Financial statement requirements in a Form S-4 and/or merger proxy for a non-reporting target merging with a public operating company in a reverse merger
  • Impact on Article 11 conclusions for master limited partnership (MLP) drop down transactions previously accounted for as common control business combinations or asset acquisitions under ASC 805, Business Combinations, and now accounted for as failed sale-leaseback transactions under ASC 842, Leases
  • Contractual Obligations Table upon adoption of ASC 842
  • Recast Selected Financial Data for a Retrospective Accounting Change
  • Applicability of FRM 2025.3 for a SPAC to use pro forma information to measure significance for S-X 3-05 financial statements after the acquisition of its predecessor
  • Non-GAAP measures