Meeting Highlights

SEC Regulations Committee Highlights – September 25, 2013

Wednesday, September 25, 2013

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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: the Division of Corporation Finance personnel and organizational update; Financial Reporting Manual updates; the Jumpstart Our Business Startups (JOBS) Act; recommendations by the SEC Investor Advisory Committee; recommendations by the SEC Advisory Committee on Small and Emerging Businesses; rulemaking for conflict minerals and extractive industry payments; the Committee of Sponsoring Organizations of the Treadway Commission (COSO) revised framework; the Financial Reporting and Audit Task Force and the use of the Accounting Quality Model to flag high-risk activities; request from Congressional Committee on Oversight and Government Reform for information on the Commission’s implementation and enforcement of the Interactive Data Rule; applying the interpretive guidance in FAQ # 3 of Management’s Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports – Frequently Asked Questions (revised September 27, 2007) to a business acquired through a merger of entities under common control; potential issues related to the Financial Accounting Standards Board’s proposals to permit private companies to apply alternative accounting principles; measuring significance of an acquired business using pro forma financial information following an initial public offering; and the adoption of a new accounting standard that requires retrospective application during an interim period and application of Rule 3-09 of Regulation S-X in a registration statement during that period.