Nov 25, 2014
From the Financial Reporting View
The Center for Audit Quality (CAQ) SEC Regulations Committee recently released the highlights of its September 23, 2014 meeting with the SEC staff at which the Committee discussed:
- Disclosure Effectiveness;
- Revenue Recognition Standard;
- Presenting Combined Financial Statements for a Merger of Entities under Common Control in an IPO When the Combination Occurs After Effectiveness;
- Current SEC Staff Views on Predecessor Financial Statements, Primarily as They Relate to Identifying a Predecessor;
- Direct Auditor Reporting of Cessation of Client-Auditor Relationship; and Using IFRS as Issued by the IASB When Preparing Financial Statements Pursuant to S-X 3-14 or Lessee/Tenant Financial Statements Related to a Significant Triple Net Lease.
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.