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SEC's Division of Corporation Finance Updates its Financial Reporting Manual
Practical Law Legal Update 1-521-7051 (Approx. 3 pages)
SEC's Division of Corporation Finance Updates its Financial Reporting Manual
by PLC Corporate & Securities
| Published on 04 Oct 2012 • USA (National/Federal) |
The SEC's Division of Corporation Finance revised its Financial Reporting Manual.
On October 4, 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:
- Proxy statement requirements for the disposal of a business.
- Auditor association with amounts from inception in development stage companies.
- The application of Public Company Accounting Oversight Board auditor requirements in a reverse merger.
- Reporting requirements in a reverse acquisition with a non-shell company.
The revised manual also advises that it has not yet been updated to reflect the JOBS Act and should be read in conjunction with the JOBS Act and Division of Corporation Finance staff guidance related to financial reporting and other requirements for emerging growth companies. 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.