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SEC's Division of Corporation Finance Updates its Financial Reporting Manual
Practical Law Legal Update 7-517-3493 (Approx. 3 pages)
SEC's Division of Corporation Finance Updates its Financial Reporting Manual
by PLC Corporate & Securities
| Published on 20 Jan 2012 • USA (National/Federal) |
The SEC's Division of Corporation Finance revised its Financial Reporting Manual.
On January 19, 2012, the SEC's Division of Corporation Finance published an updated version of its Financial Reporting Manual. The manual has been revised to address issues related to, among other things:
- Auditor association requirements for development stage companies.
- Historical financial statement requirements of acquired businesses in step acquisitions.
- Subsidiary guarantee release provisions.
- Modifications to audit reports on internal control over financial reporting (ICFR) due to scope limitations.
The revised manual includes a summary of the revisions.
For more information on SEC financial reporting requirements, see Practice Note, Regulation S-X: What Lawyers Need to Know.