Welcome to the Division of Corporation Finance’s Financial Reporting Manual (FRM).
We now provide access to the Division’s informal accounting guidance in the FRM in two formats.
First, a new web-based format (see below) that is easy to access and navigate; and second, the traditional PDF format.
Disclaimer: This Manual was originally prepared by the staff of the Division of Corporation Finance to serve as internal guidance. In 2008, in an effort to increase transparency of informal staff interpretations, the Division posted a version of the Manual to its website. Because of its informal nature, the Manual does not necessarily contain a discussion of all material considerations necessary to reach an accounting or disclosure conclusion. Such conclusions about a particular transaction are very fact dependent and require careful analysis of the transaction and of the relevant authoritative accounting literature and Commission requirements. The information in this Manual is non-authoritative. If it conflicts with authoritative or source material, the authoritative or source material governs. The information presented also may not reflect the views of other Divisions and Offices at the Commission. The guidance is not a rule, regulation or statement of the Commission and the Commission has neither approved nor disapproved this information. The information included in this Manual may be updated from time to time and positions may change. As a result, some of the information in this manual may not be up to date.
Table of Contents
-
Explanation of Abbreviations
-
Communications with the Division of Corporation Finance’s Office of Chief Accountant (CF-OCA)
-
[+]Topic 1|Registrant’s Financial Statements
- 1100Financial Statements and Schedules in Registration and Proxy Statements
- 1110Audited Annual Financial Statements
- 1120Unaudited Interim Period Financial Statements
- 1130Supplemental Schedules
- 1140Proxy Statements
- 1150Bank Reorganizing under Newly-formed Holding Company
- 1160Recently Organized Registrant
- 1170Predecessor Financial Statements
- 1180[Reserved]
- 1190Supplemental and Restated Financial Statements Related to Post - Balance Sheet Events
- 1200Age of Financial Statements in Registration or Proxy Statements
- 1210Staff Review
- 1220Age Requirements
- 1300Periodic Reporting Requirements (Exchange Act Filings)
- 1310Companies Required to Report
- 1320Financial Statements Required
- 1330Exchange Act Report Due Dates
- 1340Accelerated and Large Accelerated Filer Status: Entering, Exiting and Implications
- 1350[Reserved]
- 1360Changes in Fiscal Year – General
- 1365Changes in Fiscal Year – Implementation Guidance
- 1370Combined Periodic Reporting
- 1400General Considerations (All Filings)
- 1410Basis of Reporting
- 1420[Reserved]
- 1430Guaranteed Securities
- 1440Fiscal Years Differing by 93 Days or Less
- 1450Fiscal Year Presentation
- 1500Interim Period Reporting Considerations (All Filings)
- 1600Selected Financial Data (All Filings)
- 1610Accounting Basis
- 1620Selected Quarterly Financial Data Not Required
-
[+]Topic 2|Other Financial Statements Required
- 2000Businesses Acquired or to be Acquired
- 2005Definitions and Requirements
- 2010Determination of a Business
- 2015Measuring Significance – Basics
- 2020Implementation Points – Amounts Used to Measure Significance
- 2025Implementation Points – Financial Statements Used to Measure Significance
- 2030Financial Statement Periods Required Under S-X 3-05 and S-X 8-04
- 2035Individually Insignificant Acquirees
- 2040When to Present Financial Statements
- 2045Age of Financial Statements – Basics
- 2050Age of Financial Statements – Interaction of S-X 3-05(b)(4) and Instruction to Item 9.01 of Form 8-K
- 2055Foreign Business, Hostile Tender Offers, and Troubled Financial Institutions
- 2060Flowchart Overview of S-X 3-05
- 2065Acquisitions of Selected Parts of an Entity
- 2070SAB 80: Application of S-X 3-05 in Initial Registration Statements
- 2100Disposition of a Business
- 2110Definitions
- 2120When are Financial Statements Required?
- 2130Form 8-K – Measuring Significance of a Disposed Business
- 2200Financial Statements of Target Companies in Form S-4
- 2300Real Estate Acquisitions and Properties Securing Mortgages
- 2305Real Estate Operations - Overview
- 2310Real Estate Operations – When to Present Financial Statements
- 2315Real Estate Operations – Measuring Significance
- 2320Real Estate Operations – Individually Insignificant Acquisitions
- 2325Real Estate Operations – Special Requirements for “Blind Pool” Offerings
- 2330Real Estate Operations – Required Financial Statements
- 2335REIT Formation Transactions
- 2340Properties Subject to Triple Net Lease
- 2345Properties Securing Loans, which in Economic Substance Represent an Investment in Real Estate, including Acquisition Development and Construction (ADC) Arrangements
- 2350Properties Securing Loans that Represent an Asset Concentration [SAB Topic 1I]
- 2355Gains/Losses on Sales or Disposals by Real Estate Investment Trusts
- 2360Proxy Statements for Acquisitions of Real Estate Operating Properties
- 2400Equity Method Investments, Including Fair Value Option
- 2405Required Financial Statements
- 2410Measuring Significance
- 2415Combined/Consolidated Financial Statements of Investees
- 2420Summarized Financial Data – Registrants Subject to S-X
- 2425“Foreign Business” Investees
- 2430Relief
- 2435SFAS 159 [ASC 825] Fair Value Option for an Equity Method Investment and S-X 3-09 and S-X 4-08(g)
- 2500Guarantors of Securities
- 2510Exceptions to the General Rule
- 2515Condensed Consolidating Financial Information
- 2520Implementation Issues
- 2530Recently Acquired Guarantor Subsidiaries
- 2540Periodic Reporting by Subsidiary Issuers and Guarantors
- 2600Collateralizations
- 2610Measuring “Substantial Portion of the Collateral”
- 2620When Financial Statements are Required
- 2630Implementation Issues
- 2700Credit – Third Party Financial Statements
- 2705Asset-Backed Securities – Presentation of Certain Third Party Financial Information
- 2710Third Party Credit Enhancements for Securities that are NOT “Asset-backed Securities”
- 2800Other Financial Statements
- 2805General Partner, Where Registrant is a Limited Partnership
- 2810Parent-Only Financial Statements (Condensed)
- 2815Financial Statements of a Significant Customer
- 2820Substantial Asset Concentration
-
[+]Topic 3|Pro Forma Financial Information
- 3100Circumstances Requiring Pro Forma Presentations
- 3110Significant Business Combination
- 3120Disposition of a Significant Portion of a Business
- 3130Acquisition of One or More Real Estate Operations
- 3140Roll-Up Transaction
- 3150Registrant Previously was Part of Another Entity
- 3160Other
- 3200Preparation Requirements – Form and Content
- 3210Objective
- 3220Pro Forma Condensed Balance Sheet
- 3230Pro Forma Condensed Income Statement
- 3240Form
- 3250In Business Combinations
- 3260Pro Forma Presentations Reflecting Debt Financing
- 3270Tax Effects
- 3280Effects of New Contractual Arrangements
- 3290“Carved Out” Businesses
- 3300Special Problems and Issues
- 3310Common Pro Forma Preparation Problems
- 3320Prohibition on Assuming Offering Proceeds
- 3330Combining Entities with Different Fiscal Years
- 3340Historical Results Include Unusual Events
- 3400Special Applications
- 3410Sub-Chapter S Corporations and Partnerships
- 3420Distributions to Promoters/Owners At or Prior to Closing of IPO
- 3430Other Changes in Capitalization At or Prior to Closing of IPO
- 3440Pro Forma Requirements for Real Estate and Leasing Operations
- 3500Projections and Financial Forecasts
- 3510Alternative to Pro Forma Statements
- 3520Presentation Requirements
- 3600Other
- 3610Pro Forma Disclosures Required by GAAP
- 3620Filings Subsequent to an IPO
-
[+]Topic 4|Independent Accountants’ Involvement
- 4100Qualifications of Accountants
- 4110PCAOB Registration
- 4115Involuntary PCAOB Deregistration
- 4120Duly Registered and in Good Standing Under the Laws of the Accountant’s Place of Residence or Principal Office
- 4130Independence
- 4140Principal Auditor
- 4200Accountants’ Reports
- 4210General – Audit Reports
- 4220Qualified Audit Reports
- 4230Other Report Modifications
- 4300Report on Internal Control over Financial Reporting
- 4310Management’s Annual Report on Internal Control over Financial Reporting
- 4320Auditor’s Report on ICFR
- 4400Review and Compilation Reports
- 4410Review Reports on Interim or Pro Forma Data
- 4420Selected Quarterly Financial Data
- 4430Compilation Reports
- 4500Change in Accountants
- 4510Change in Accountants
- 4520Unusual Issues Involving Changes in Accountants
- 4530Additional Guidance
- 4600Non-Reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim Review
- 4610Non-Reliance on Previously Issued Financial Statements
- 4620Non-Reliance on Previously Issued Audit Report or Completed Interim Review
- 4630Other – Prior Disclosures Regarding Disclosure Controls and Procedures
- 4700“To Be Issued” Accountant’s Reports
- 4710Contingent Upon Future Event or Transaction
- 4720Contingent Upon Future Underwriting Agreement
- 4800Other Matters
- 4810Consents to the Use of Audit Reports
- 4820Accountant’s Inability to Reissue Reports
- 4830Successor Auditor Reports
- 4840Accountant’s Refusal to Reissue Reports
- 4850Illegal Acts
- 4860Signatures
- 4870Selected Financial Data
-
[+]Topic 5|Smaller Reporting Companies
- 5100Definition and Eligibility
- 5110Eligibility as a Smaller Reporting Company
- 5120Determination
- 5130Shell Company
- 5200Other Eligibility Issues
- 5210Financial Statements Required Pursuant to S-X 3-05 or 3-09
- 5220Business Acquisitions
- 5230Reverse Acquisitions
- 5240Other Financial Statements May Be Required
- 5300Form and Content Disclosure Required by Regulation S-X are Not Applicable
- 5310General
- 5320Pro Forma Information
- 5330Significant Equity Investees
- 5340A la Carte Approach to Disclosure
- 5350Restricted Net Assets
-
[+]Topic 6|Foreign Private Issuers & Foreign Businesses
- 6000[Reserved]
- 6100Definitions and Basic Rules
- 6110Definitions
- 6120Basic Rules
- 6200General Financial Statement Requirements for Foreign Private Issuers
- 6210Periods for which Financial Statements are Required
- 6220Age of Financial Statements in a Registration Statement
- 6230Updating of Financial Statements in Delayed or Continuous Offerings
- 6240Due Dates for Annual Reports on Form 20-F
- 6250Changes in Fiscal Year
- 6260Ratio of Earnings to Fixed Charges
- 6270Capitalization Table
- 6300IFRS
- 6310Acceptance of IFRS as Issued by the IASB without Reconciliation to U.S. GAAP
- 6320Implementation Issues – IFRS Filers
- 6330Interim Financial Statements Presented by IFRS Filers
- 6340First-time Adopters of IFRS
- 6345First-time Adopters that Previously Used U.S. GAAP for the Primary Financial Statements in SEC Filings
- 6350IFRS Filers – Financial Statements of Other Entities
- 6360IFRS Filers – Article 11 Pro Forma Information
- 6400Requirement for Reconciliation to U.S. GAAP
- 6410Requirement for Reconciliation
- 6420Selected Financial Data
- 6500Content of Reconciliation to U.S. GAAP
- 6510Item 17 Requirements
- 6520Item 18 Requirements
- 6530Statements of Comprehensive Income
- 6540Accommodations Permitted by Form 20-F
- 6600Selection of a Reporting Currency
- 6610Currency of Measurement
- 6620Disclosures, if the U.S. Dollar is Not the Reporting Currency
- 6630Change in Reporting Currency
- 6640Reporting Currency for Domestic Registrants and Non-Foreign Private Issuers
- 6700Price-Level Adjusted Financial Statements and Effects of Hyperinflationary Environments
- 6710Requirements
- 6720Preparation of Price-level Adjusted Financial Statements
- 6800Foreign Auditor Matters
- 6810Qualifications and Independence
- 6820Reports
- 6830Disclosure of Change in Accountants and Disagreements
- 6900[Reserved]
-
[+]Topic 7|Related Party Matters
- 7100[Reserved]
- 7200Expenses Incurred on Behalf of Registrant
- 7210Reflecting All Costs of Doing Business
- 7220Compensation Arrangements
- 7300Transfers and Receivables to or from Shareholders
- 7310Transfer of Nonmonetary Assets
- 7320Receivables
- 7330Distributions to or from Major Shareholders Prior to Offering
- 7340Offering Proceeds
- 7400Components of Larger Entities
- 7410Financial Statement Requirements
- 7420Statements of Revenues and Direct Expenses
- 7430Pro Forma Financial Statement Requirements
- 7500Compensation Issues
- 7510Stock Compensation
- 7520Valuation of Privately-Held-Company Equity Securities Issued as Compensation
-
[+]Topic 8|Non-GAAP Measures of Financial Performance, Liquidity and Net Worth
- 8100Use of Non-GAAP Financial Measures
- 8110Applicable Guidance
- 8120Definition of a Non-GAAP Financial Measure
- 8130General Applicability and Requirements of Regulation G and S-K 10(e)
- 8140General Application of Regulation G and S-K 10 to Foreign Private Issuers
- 8150[Reserved]
- 8160[Reserved]
- 8170[Reserved]
- 8200Ratio of Earnings to Fixed Charges
- 8210Required Disclosure
- 8220Definition of Fixed Charges
- 8230Dividend Requirements
- 8240Definition of Earnings
- 8250Equity in Investee’s Losses
- 8260Pro Forma Effect of Refinancing
- 8270Foreign Private Issuer
- 8280Exhibit 12
- 8300Tangible Book Value per Share
- 8310Presentation of Net Tangible Book Value per Share
- 8320Definition
- 8330Staff Practice
-
[+]Topic 9|Management's Discussion and Analysis of Financial Position and Results of Operations (MD&A)
- 9100MD&A Objectives
- 9110Overall Objectives
- 9200General Requirements
- 9210Liquidity and Capital Resources
- 9220Results of Operations
- 9230Off-balance Sheet Arrangements
- 9240Tabular Disclosure of Contractual Obligations
- 9250Interim Period Requirements
- 9260Safe Harbor Provisions
- 9270SAB Topic 11M (SAB 74)
- 9300[Reserved]
- 9400Foreign Private Issuers
- 9410Foreign Private Issuers
- 9500Critical Accounting Estimates
- 9510Goodwill Impairment
- 9520Share-based Compensation in IPOs
- 9600Related Party Transactions
- 9610Related Party Transactions
- 9700Fair Value Measurements
- 9800Other Items
- 9810S-X 3-05 and 3-09
- 9820S-X 3-10 and 3-16
- 9830Registration and Proxy Statements
- 9900Additional Guidance
- 9910Additional Guidance Provided in Respect of MD&A
-
[+]Topic 10|Emerging Growth Companies
- 10100Eligibility
- 10110Eligibility as an EGC
- 10120Other Eligibility Issues
- 10200Scaled Disclosure Provisions
- 10210General
- 10220Financial Reporting Accommodations
- 10230Accounting Standards Transition Period Accommodation
- 10240Internal Control Over Financial Reporting [SOX 404] Accommodation
- 10300Foreign Private Issuers
- 10310General
- 10320Number of Years Registrant Financial Statements to be Presented under IFRS
- 10330Multi-Jurisdictional Disclosure System (“MJDS”)
-
[+]Topic 11|Reporting Issues Relates to Adoption of New Accounting Standards
- 11100New Revenue Standard (FASB ASC Topic 606)
- 11110Registrant Financial Information
- 11120Financial Statements of Other Entities and Significance
- 11200New Leasing Standard (FASB ASC Topic 842)
- 11210Registrant Financial Information
- 11300New Disclosures About Short-Duration Contracts For Insurance Entities (FASB ASC Topic 944)
- 11310Registrant Financial Information
-
[+]Topic 12|Reverse Acquisitions and Reverse Recapitalizations
- 12100General
- 12200Reporting Issues
- 12210General
- 12220Form 8-K
- 12230Change in Accountants
- 12240Change in Fiscal Year
- 12250Auditor Issues
- 12260Registration and Proxy Statements for Mergers, Acquisitions and Similar Transactions
-
[+]Topic 13|Effects of Subsequent Events on Financial Statements Required in Filings
- 13100General
- 13200Discontinued Operations
- 13300Changes in Segments
- 13400Change in the Reporting Entity or a Business Combination Accounted for in a Manner Similar to a Pooling of Interests
- 13500Stock Splits
- 13600Measurement Period Adjustments
- 13610Financial Statement Requirements in Registration Statements Pursuant to Retrospective Adjustments to Provisional Amounts in a Business Combination
-
[+]Topic 14|Tender Offers
- 14100Regulatory Schemes
- 14200Documents Filed
- 14300Cash Offer Financial Statement Requirements
- 14310Financial Statement Requirements of Schedule TO
- 14320Financial Statement Requirements of Schedule 13E-3
- 14400Item 1010 of Regulation M-A: Financial Statements
- 14410Financial Information – Item 1010(a)
- 14420Pro Forma Information – Item 1010(b)
- 14430Summary Information – Item 1010(c)
-
[+]Topic 15|Employee Stock Benefit Plan
- 15100Filing Requirements of Form S-8 and Form 11-K
- 15110Employee Benefit Plan a Separate Registrant
- 15120Financial Statement Requirements
- 15200Exchange Act Age of Financial Statements Requirements
- 15210General Requirement
- 15220Plans Subject to ERISA
- 15230Form 8-K Requirements
-
[+]Topic 16|Multijurisdictional Disclosure System
- 16000General
- 16100MJDS Offerings – Eligibility Requirements
- 16110Rights Offer
- 16120Exchange Offer
- 16130Business Combinations
- 16140Offerings of Investment Grade Non-Convertible Debt or Preferred Securities
- 16150Offerings of Other Securities
- 16200Registration and Periodic Reporting under the Exchange Act
- 16210Forms 40-F and 6-K
- 16300Tender Offers
- 16310Eligibility Requirements
- 16320U.S. Ownership Ceiling
- 16400Canadian Regulation
- 16500Sarbanes-Oxley
- 16600Auditor Independence
-
Index
Explanation of Abbreviations
Communications with the Division of Corporation Finance’s Office of Chief Accountant (CF-OCA)
Topic 1|Registrant’s Financial Statements
- 1100Financial Statements and Schedules in Registration and Proxy Statements
- 1110Audited Annual Financial Statements
- 1120Unaudited Interim Period Financial Statements
- 1130Supplemental Schedules
- 1140Proxy Statements
- 1150Bank Reorganizing under Newly-formed Holding Company
- 1160Recently Organized Registrant
- 1170Predecessor Financial Statements
- 1180[Reserved]
- 1190Supplemental and Restated Financial Statements Related to Post - Balance Sheet Events
- 1200Age of Financial Statements in Registration or Proxy Statements
- 1210Staff Review
- 1220Age Requirements
- 1300Periodic Reporting Requirements (Exchange Act Filings)
- 1310Companies Required to Report
- 1320Financial Statements Required
- 1330Exchange Act Report Due Dates
- 1340Accelerated and Large Accelerated Filer Status: Entering, Exiting and Implications
- 1350[Reserved]
- 1360Changes in Fiscal Year – General
- 1365Changes in Fiscal Year – Implementation Guidance
- 1370Combined Periodic Reporting
- 1400General Considerations (All Filings)
- 1410Basis of Reporting
- 1420[Reserved]
- 1430Guaranteed Securities
- 1440Fiscal Years Differing by 93 Days or Less
- 1450Fiscal Year Presentation
- 1500Interim Period Reporting Considerations (All Filings)
- 1600Selected Financial Data (All Filings)
- 1610Accounting Basis
- 1620Selected Quarterly Financial Data Not Required
Topic 2|Other Financial Statements Required
- 2000Businesses Acquired or to be Acquired
- 2005Definitions and Requirements
- 2010Determination of a Business
- 2015Measuring Significance – Basics
- 2020Implementation Points – Amounts Used to Measure Significance
- 2025Implementation Points – Financial Statements Used to Measure Significance
- 2030Financial Statement Periods Required Under S-X 3-05 and S-X 8-04
- 2035Individually Insignificant Acquirees
- 2040When to Present Financial Statements
- 2045Age of Financial Statements – Basics
- 2050Age of Financial Statements – Interaction of S-X 3-05(b)(4) and Instruction to Item 9.01 of Form 8-K
- 2055Foreign Business, Hostile Tender Offers, and Troubled Financial Institutions
- 2060Flowchart Overview of S-X 3-05
- 2065Acquisitions of Selected Parts of an Entity
- 2070SAB 80: Application of S-X 3-05 in Initial Registration Statements
- 2100Disposition of a Business
- 2110Definitions
- 2120When are Financial Statements Required?
- 2130Form 8-K – Measuring Significance of a Disposed Business
- 2200Financial Statements of Target Companies in Form S-4
- 2300Real Estate Acquisitions and Properties Securing Mortgages
- 2305Real Estate Operations - Overview
- 2310Real Estate Operations – When to Present Financial Statements
- 2315Real Estate Operations – Measuring Significance
- 2320Real Estate Operations – Individually Insignificant Acquisitions
- 2325Real Estate Operations – Special Requirements for “Blind Pool” Offerings
- 2330Real Estate Operations – Required Financial Statements
- 2335REIT Formation Transactions
- 2340Properties Subject to Triple Net Lease
- 2345Properties Securing Loans, which in Economic Substance Represent an Investment in Real Estate, including Acquisition Development and Construction (ADC) Arrangements
- 2350Properties Securing Loans that Represent an Asset Concentration [SAB Topic 1I]
- 2355Gains/Losses on Sales or Disposals by Real Estate Investment Trusts
- 2360Proxy Statements for Acquisitions of Real Estate Operating Properties
- 2400Equity Method Investments, Including Fair Value Option
- 2405Required Financial Statements
- 2410Measuring Significance
- 2415Combined/Consolidated Financial Statements of Investees
- 2420Summarized Financial Data – Registrants Subject to S-X
- 2425“Foreign Business” Investees
- 2430Relief
- 2435SFAS 159 [ASC 825] Fair Value Option for an Equity Method Investment and S-X 3-09 and S-X 4-08(g)
- 2500Guarantors of Securities
- 2510Exceptions to the General Rule
- 2515Condensed Consolidating Financial Information
- 2520Implementation Issues
- 2530Recently Acquired Guarantor Subsidiaries
- 2540Periodic Reporting by Subsidiary Issuers and Guarantors
- 2600Collateralizations
- 2610Measuring “Substantial Portion of the Collateral”
- 2620When Financial Statements are Required
- 2630Implementation Issues
- 2700Credit – Third Party Financial Statements
- 2705Asset-Backed Securities – Presentation of Certain Third Party Financial Information
- 2710Third Party Credit Enhancements for Securities that are NOT “Asset-backed Securities”
- 2800Other Financial Statements
- 2805General Partner, Where Registrant is a Limited Partnership
- 2810Parent-Only Financial Statements (Condensed)
- 2815Financial Statements of a Significant Customer
- 2820Substantial Asset Concentration
Topic 3|Pro Forma Financial Information
- 3100Circumstances Requiring Pro Forma Presentations
- 3110Significant Business Combination
- 3120Disposition of a Significant Portion of a Business
- 3130Acquisition of One or More Real Estate Operations
- 3140Roll-Up Transaction
- 3150Registrant Previously was Part of Another Entity
- 3160Other
- 3200Preparation Requirements – Form and Content
- 3210Objective
- 3220Pro Forma Condensed Balance Sheet
- 3230Pro Forma Condensed Income Statement
- 3240Form
- 3250In Business Combinations
- 3260Pro Forma Presentations Reflecting Debt Financing
- 3270Tax Effects
- 3280Effects of New Contractual Arrangements
- 3290“Carved Out” Businesses
- 3300Special Problems and Issues
- 3310Common Pro Forma Preparation Problems
- 3320Prohibition on Assuming Offering Proceeds
- 3330Combining Entities with Different Fiscal Years
- 3340Historical Results Include Unusual Events
- 3400Special Applications
- 3410Sub-Chapter S Corporations and Partnerships
- 3420Distributions to Promoters/Owners At or Prior to Closing of IPO
- 3430Other Changes in Capitalization At or Prior to Closing of IPO
- 3440Pro Forma Requirements for Real Estate and Leasing Operations
- 3500Projections and Financial Forecasts
- 3510Alternative to Pro Forma Statements
- 3520Presentation Requirements
- 3600Other
- 3610Pro Forma Disclosures Required by GAAP
- 3620Filings Subsequent to an IPO
Topic 4|Independent Accountants’ Involvement
- 4100Qualifications of Accountants
- 4110PCAOB Registration
- 4115Involuntary PCAOB Deregistration
- 4120Duly Registered and in Good Standing Under the Laws of the Accountant’s Place of Residence or Principal Office
- 4130Independence
- 4140Principal Auditor
- 4200Accountants’ Reports
- 4210General – Audit Reports
- 4220Qualified Audit Reports
- 4230Other Report Modifications
- 4300Report on Internal Control over Financial Reporting
- 4310Management’s Annual Report on Internal Control over Financial Reporting
- 4320Auditor’s Report on ICFR
- 4400Review and Compilation Reports
- 4410Review Reports on Interim or Pro Forma Data
- 4420Selected Quarterly Financial Data
- 4430Compilation Reports
- 4500Change in Accountants
- 4510Change in Accountants
- 4520Unusual Issues Involving Changes in Accountants
- 4530Additional Guidance
- 4600Non-Reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim Review
- 4610Non-Reliance on Previously Issued Financial Statements
- 4620Non-Reliance on Previously Issued Audit Report or Completed Interim Review
- 4630Other – Prior Disclosures Regarding Disclosure Controls and Procedures
- 4700“To Be Issued” Accountant’s Reports
- 4710Contingent Upon Future Event or Transaction
- 4720Contingent Upon Future Underwriting Agreement
- 4800Other Matters
- 4810Consents to the Use of Audit Reports
- 4820Accountant’s Inability to Reissue Reports
- 4830Successor Auditor Reports
- 4840Accountant’s Refusal to Reissue Reports
- 4850Illegal Acts
- 4860Signatures
- 4870Selected Financial Data
Topic 5|Smaller Reporting Companies
- 5100Definition and Eligibility
- 5110Eligibility as a Smaller Reporting Company
- 5120Determination
- 5130Shell Company
- 5200Other Eligibility Issues
- 5210Financial Statements Required Pursuant to S-X 3-05 or 3-09
- 5220Business Acquisitions
- 5230Reverse Acquisitions
- 5240Other Financial Statements May Be Required
- 5300Form and Content Disclosure Required by Regulation S-X are Not Applicable
- 5310General
- 5320Pro Forma Information
- 5330Significant Equity Investees
- 5340A la Carte Approach to Disclosure
- 5350Restricted Net Assets
Topic 6|Foreign Private Issuers & Foreign Businesses
- 6000[Reserved]
- 6100Definitions and Basic Rules
- 6110Definitions
- 6120Basic Rules
- 6200General Financial Statement Requirements for Foreign Private Issuers
- 6210Periods for which Financial Statements are Required
- 6220Age of Financial Statements in a Registration Statement
- 6230Updating of Financial Statements in Delayed or Continuous Offerings
- 6240Due Dates for Annual Reports on Form 20-F
- 6250Changes in Fiscal Year
- 6260Ratio of Earnings to Fixed Charges
- 6270Capitalization Table
- 6300IFRS
- 6310Acceptance of IFRS as Issued by the IASB without Reconciliation to U.S. GAAP
- 6320Implementation Issues – IFRS Filers
- 6330Interim Financial Statements Presented by IFRS Filers
- 6340First-time Adopters of IFRS
- 6345First-time Adopters that Previously Used U.S. GAAP for the Primary Financial Statements in SEC Filings
- 6350IFRS Filers – Financial Statements of Other Entities
- 6360IFRS Filers – Article 11 Pro Forma Information
- 6400Requirement for Reconciliation to U.S. GAAP
- 6410Requirement for Reconciliation
- 6420Selected Financial Data
- 6500Content of Reconciliation to U.S. GAAP
- 6510Item 17 Requirements
- 6520Item 18 Requirements
- 6530Statements of Comprehensive Income
- 6540Accommodations Permitted by Form 20-F
- 6600Selection of a Reporting Currency
- 6610Currency of Measurement
- 6620Disclosures, if the U.S. Dollar is Not the Reporting Currency
- 6630Change in Reporting Currency
- 6640Reporting Currency for Domestic Registrants and Non-Foreign Private Issuers
- 6700Price-Level Adjusted Financial Statements and Effects of Hyperinflationary Environments
- 6710Requirements
- 6720Preparation of Price-level Adjusted Financial Statements
- 6800Foreign Auditor Matters
- 6810Qualifications and Independence
- 6820Reports
- 6830Disclosure of Change in Accountants and Disagreements
- 6900[Reserved]
Topic 7|Related Party Matters
- 7100[Reserved]
- 7200Expenses Incurred on Behalf of Registrant
- 7210Reflecting All Costs of Doing Business
- 7220Compensation Arrangements
- 7300Transfers and Receivables to or from Shareholders
- 7310Transfer of Nonmonetary Assets
- 7320Receivables
- 7330Distributions to or from Major Shareholders Prior to Offering
- 7340Offering Proceeds
- 7400Components of Larger Entities
- 7410Financial Statement Requirements
- 7420Statements of Revenues and Direct Expenses
- 7430Pro Forma Financial Statement Requirements
- 7500Compensation Issues
- 7510Stock Compensation
- 7520Valuation of Privately-Held-Company Equity Securities Issued as Compensation
Topic 8|Non-GAAP Measures of Financial Performance, Liquidity and Net Worth
- 8100Use of Non-GAAP Financial Measures
- 8110Applicable Guidance
- 8120Definition of a Non-GAAP Financial Measure
- 8130General Applicability and Requirements of Regulation G and S-K 10(e)
- 8140General Application of Regulation G and S-K 10 to Foreign Private Issuers
- 8150[Reserved]
- 8160[Reserved]
- 8170[Reserved]
- 8200Ratio of Earnings to Fixed Charges
- 8210Required Disclosure
- 8220Definition of Fixed Charges
- 8230Dividend Requirements
- 8240Definition of Earnings
- 8250Equity in Investee’s Losses
- 8260Pro Forma Effect of Refinancing
- 8270Foreign Private Issuer
- 8280Exhibit 12
- 8300Tangible Book Value per Share
- 8310Presentation of Net Tangible Book Value per Share
- 8320Definition
- 8330Staff Practice
Topic 9|Management's Discussion and Analysis of Financial Position and Results of Operations (MD&A)
- 9100MD&A Objectives
- 9110Overall Objectives
- 9200General Requirements
- 9210Liquidity and Capital Resources
- 9220Results of Operations
- 9230Off-balance Sheet Arrangements
- 9240Tabular Disclosure of Contractual Obligations
- 9250Interim Period Requirements
- 9260Safe Harbor Provisions
- 9270SAB Topic 11M (SAB 74)
- 9300[Reserved]
- 9400Foreign Private Issuers
- 9410Foreign Private Issuers
- 9500Critical Accounting Estimates
- 9510Goodwill Impairment
- 9520Share-based Compensation in IPOs
- 9600Related Party Transactions
- 9610Related Party Transactions
- 9700Fair Value Measurements
- 9800Other Items
- 9810S-X 3-05 and 3-09
- 9820S-X 3-10 and 3-16
- 9830Registration and Proxy Statements
- 9900Additional Guidance
- 9910Additional Guidance Provided in Respect of MD&A
Topic 10|Emerging Growth Companies
- 10100Eligibility
- 10110Eligibility as an EGC
- 10120Other Eligibility Issues
- 10200Scaled Disclosure Provisions
- 10210General
- 10220Financial Reporting Accommodations
- 10230Accounting Standards Transition Period Accommodation
- 10240Internal Control Over Financial Reporting [SOX 404] Accommodation
- 10300Foreign Private Issuers
- 10310General
- 10320Number of Years Registrant Financial Statements to be Presented under IFRS
- 10330Multi-Jurisdictional Disclosure System (“MJDS”)
Topic 11|Reporting Issues Relates to Adoption of New Accounting Standards
- 11100New Revenue Standard (FASB ASC Topic 606)
- 11110Registrant Financial Information
- 11120Financial Statements of Other Entities and Significance
- 11200New Leasing Standard (FASB ASC Topic 842)
- 11210Registrant Financial Information
- 11300New Disclosures About Short-Duration Contracts For Insurance Entities (FASB ASC Topic 944)
- 11310Registrant Financial Information
Topic 12|Reverse Acquisitions and Reverse Recapitalizations
- 12100General
- 12200Reporting Issues
- 12210General
- 12220Form 8-K
- 12230Change in Accountants
- 12240Change in Fiscal Year
- 12250Auditor Issues
- 12260Registration and Proxy Statements for Mergers, Acquisitions and Similar Transactions
Topic 13|Effects of Subsequent Events on Financial Statements Required in Filings
- 13100General
- 13200Discontinued Operations
- 13300Changes in Segments
- 13400Change in the Reporting Entity or a Business Combination Accounted for in a Manner Similar to a Pooling of Interests
- 13500Stock Splits
- 13600Measurement Period Adjustments
- 13610Financial Statement Requirements in Registration Statements Pursuant to Retrospective Adjustments to Provisional Amounts in a Business Combination
Topic 14|Tender Offers
- 14100Regulatory Schemes
- 14200Documents Filed
- 14300Cash Offer Financial Statement Requirements
- 14310Financial Statement Requirements of Schedule TO
- 14320Financial Statement Requirements of Schedule 13E-3
- 14400Item 1010 of Regulation M-A: Financial Statements
- 14410Financial Information – Item 1010(a)
- 14420Pro Forma Information – Item 1010(b)
- 14430Summary Information – Item 1010(c)
Topic 15|Employee Stock Benefit Plan
- 15100Filing Requirements of Form S-8 and Form 11-K
- 15110Employee Benefit Plan a Separate Registrant
- 15120Financial Statement Requirements
- 15200Exchange Act Age of Financial Statements Requirements
- 15210General Requirement
- 15220Plans Subject to ERISA
- 15230Form 8-K Requirements
Topic 16|Multijurisdictional Disclosure System
- 16000General
- 16100MJDS Offerings – Eligibility Requirements
- 16110Rights Offer
- 16120Exchange Offer
- 16130Business Combinations
- 16140Offerings of Investment Grade Non-Convertible Debt or Preferred Securities
- 16150Offerings of Other Securities
- 16200Registration and Periodic Reporting under the Exchange Act
- 16210Forms 40-F and 6-K
- 16300Tender Offers
- 16310Eligibility Requirements
- 16320U.S. Ownership Ceiling
- 16400Canadian Regulation
- 16500Sarbanes-Oxley
- 16600Auditor Independence
Index
Recent Download and Summary of changes
Summary of changes in current update
Sections of the Financial Reporting Manual have been updated as of December 1, 2017. These sections have been marked with the date tag, “Last updated: 12/1/2017,” to identify the changes. Previous updates are marked using the same convention and represent the last revision to that section. We include a date tag when the change is significant. Changes that are administrative in nature (for example, section reference updates or grammatical improvements) are not marked with a date tag.
Below is a summary of changes included in this update and a brief description of the change. Clicking the linked section number will direct you to the location of the change in the document. You may click on the Return to Top icon (coming soon) in the lower right and then the Return to Table of Contents link in the upper right of the document to return to this page.
| Section | Comment |
|---|---|
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Revised guidance related to the pro forma impact of adopting new accounting standards. |
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Revised to address adoption of new accounting standards after EGC status is lost. |
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| 11100, 11200 |
Clarified effective dates for ASU No. 2014-09 and ASU No. 2016-02 for certain public business entities. |