Sep 02, 2014
From the Financial Reporting View
The Center for Audit Quality (CAQ) SEC Regulations Committee recently released the highlights of its June 25, 2014 meeting with the SEC staff at which the Committee discussed:
- Rulemaking Activities;
- Disclosure Effectiveness;
- Earnings Per Unit Within MLPs (Master Limited Partnerships);
- Income Statement Presentation for REITs Upon Adoption of ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity;
- Complying with S-X Rule 3-12 in Connection with a Registration Statement on Form 10 which Becomes Effective Automatically;
- Use of a “To-Be-Issued” Audit Report; and
- Impact of New Revenue Recognition Standard on Disclosures Outside of the Financial Statements.
The CAQ SEC Regulations Committee meets periodically with the SEC staff to discuss emerging technical accounting and reporting issues related to SEC rules and regulations. The discussions at meetings do not represent an official position or statement of the views of the AICPA, the CAQ, or the SEC.