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- Financial Disclosures about Acquired and Disposed Businesses
When a registrant acquires a significant business, Regulation S-X requires financial disclosures relating to the acquisition
- SEC adopts amendments to financial disclosures about . . . - KPMG
Practice has developed for disclosures relating to acquired businesses based on guidance from the SEC staff (e g abbreviated financial statements for net assets that constitute a business and requirements for oil- and gas-producing activities)
- Disclosure Guidance - SEC. gov
CF Disclosure Guidance Topics Topic 11: Special Purpose Acquisition Companies (Withdrawn) [superseded by final rules in Special Purpose Acquisition Companies, Shell Companies, and Projections (Jan 24, 2024)] Topic 10: Disclosure Considerations for China-Based Issuers (November 23, 2020)
- SEC amends acquisition and disposition disclosures - KPMG
Clarify the application of Rule 3-14 regarding the determination of significance, need for interim income statements, special provisions for blind pool offerings and the scope of the rule’s requirements
- Guide to annual financial statements – Illustrative disclosures - KPMG
in Note 44 to the financial statements (significant accounting policies) to indicate that the paragraph relates to recognition and measurement requirements, as opposed to presentation and disclosure requirements
- SEC Adopts Significant Changes to the Financial Disclosure Requirements . . .
Registrants are required to provide audited financial statements of an acquired business based on its significance to the registrant Significance is measured using three tests: asset, investment and income Under the new rules, the tests are applied as follows:
- Changes to Required Disclosures for Acquisitions and Dispositions
The adopted amendments permit all registrants to measure significance using filed pro forma financial information for significant business acquisitions and dispositions consummated after the latest fiscal year end for which financial statements are required to be filed, provided:
- 15. 9 Disclosure of critical judgments and significant estimates - Viewpoint
Disclosures of an entity’s critical judgments and significant accounting estimates have greater prominence under IFRS in comparison to the requirements of US GAAP
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