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SEC's Division of Corporation Finance Updates its Financial Reporting Manual
Practical Law Legal Update 2-523-6921 (Approx. 3 pages)
SEC's Division of Corporation Finance Updates its Financial Reporting Manual
by PLC Corporate & Securities
| Published on 22 Jan 2013 • USA (National/Federal) |
The SEC's Division of Corporation Finance revised its Financial Reporting Manual.
On January 18, 2013, the SEC's Division of Corporation Finance published an updated version of its Financial Reporting Manual. The revised manual reflects changes to:
- Auditor responsibility for cumulative period from inception amounts (Section 1180.2).
- Effect of filer status change on periodic filings (Section 1340.3).
- Significance testing for related businesses (Sections 2020.8-.10).
- Significance thresholds for triple net leased properties (Section 2305.5).
- PCAOB requirements for auditors of non-issuer financial statements (Sections 4110.5, 4140.4-.5 and 4210.4).
- Financial information requirements for foreign private issuer bidders in a tender offer (Section 14410.2).
A summary of the revisions appears on page two of the revised manual.
For more information on SEC financial reporting requirements, see Practice Note, Regulation S-X: What Lawyers Need to Know. For an overview of the sources of law and regulation of accounting, auditing and financial reporting, see Practice Note, Accounting, Auditing and Financial Reporting in the US: Governing Authorities.