News & Analysis as of August 2, 2025

Securities and Exchange Commission (SEC)

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Generally Accepted Accounting Principles (GAAP) are accounting standards and procedures that are used by companies within a particular jurisdiction to prepare financial records and statements. These principles are intended to create consistency in documentation across companies and industries. Consistent documentation assists investors to better analyze potential investments and assists regulators to detect potential fraud and/or wrongdoing. less -

SEC Considers Modification of Foreign Private Issuer Criteria: May Result in Fewer Foreign Companies Qualifying as FPIs

BCLP on 6/10/2025

On June 4, 2025, the SEC released a Concept Release seeking public comment on potential changes to the definition of foreign private issuer (“FPI”), which changes may have the effect of reducing the number of foreign...more

Financial Statement Requirements for Non-US Issuers in Registered Offerings

Morgan Lewis on 10/21/2024

This Insight provides a reference to help make sense of the financial statement requirements under the US federal securities laws. We focus primarily on the registration statement requirements for “foreign private issuers” (a...more

Beyond Borders: A Playbook to Empower Tech Legal Leaders – Foreign Private Issuer Insights

Cooley LLP on 4/4/2024

In the ever-evolving landscape of global business, tech companies are not confined by geographical boundaries – they are pioneering the path beyond borders. As in-house teams navigate the intricate realm of international...more

ESG is a Four Act Play and Intermission is About to End

StoneTurn on 10/9/2023

As socially responsible investing has gone mainstream, regulators in Europe and the United States have stepped in and are now formalizing rules around disclosures pertaining to Environment, Social and Governance (“ESG”)...more

Public Company Watch: August 2023

Paul Hastings LLP on 8/22/2023

In the August edition of our Public Company Watch, we cover key issues impacting public companies, including the SEC’s enhanced disclosure requirements regarding cybersecurity risk management, strategy, governance and...more

Inside the IFRS S1 and S2 Sustainability Disclosure Standards – Understanding Current Intersections and Future Outlooks

Morrison & Foerster LLP on 8/4/2023

The International Sustainability Standards Board (ISSB), established by the IFRS Foundation (IFRS), issued a comprehensive global baseline of disclosure standards to facilitate consistent and comparable disclosures on risks...more

Coming to Terms with Materiality Judgments for SEC Financial Statements

Akin Gump Strauss Hauer & Feld LLP on 4/22/2022

Materiality in the context of the federal securities laws has been a topic of repeated focus by the Securities and Exchange Commission (SEC) and the courts over the years. That attention, however, has not necessarily produced...more

Accounting in M&A Deals – Navigating the Numbers

Foley & Lardner LLP on 3/25/2022

A key to success for any growth company is navigating the numbers, with success and visibility in accounting and finance, preferably up and to the right. Nowadays, companies are experiencing accounting challenges as they...more

Considerações sobre o Guide 3: novos requisitos para instituições financeiras emissoras nos EUA

Hogan Lovells on 1/24/2022

Instituições financeiras bancárias passarão a divulgar dados estatísticos em um novo formato, com a substituição do Guide 3 por novas regras de divulgação, de acordo com uma nova subparte do Regulamento S-K. As novas regras...more

Financial Statement Requirements in US Securities Offerings: What Non-US Issuers Need to Know - 2021 Edition

Latham & Watkins LLP on 3/2/2021

The most frequently asked question at all-hands meetings for a securities offering is “What financial statements will be needed?” The question seems simple enough. But the answer is rarely straightforward. This User’s...more

Securities and Exchange Commission Modernizes Disclosure Requirements For Financial Institutions

Polsinelli on 10/9/2020

On September 11, 2020, the Securities and Exchange Commission (the “SEC”) adopted final rules applicable to banks, bank holding companies, savings and loan associations and savings and loan holding companies that will, among...more

SEC Replaces Industry Guide 3 and Modernizes Disclosures for Banking Registrants

Alston & Bird on 9/18/2020

Our Securities Group summarizes the many ways the Securities and Exchange Commission has streamlined some statistical disclosure requirements by replacing the 30-year-old Industry Guide 3 with final rules that update and...more

The SEC Makes Sweeping Changes to The M&A Financial Statement and Pro Forma Requirements

Proskauer Rose LLP on 7/13/2020

On May 21, 2020, the Securities and Exchange Commission (the “SEC”) amended the financial statement and other disclosure requirements that apply when public companies acquire or dispose of a business or real estate...more

SEC Improves Financial Disclosure Requirements for Acquisitions and Dispositions

Jones Day on 6/30/2020

On May 21, 2020, the Securities and Exchange Commission ("SEC") adopted amendments to its financial disclosure requirements related to acquisitions and dispositions. These amendments streamline and eliminate immaterial...more

SEC Adopts Significant Amendments to Improve Financial Disclosures Regarding Business Acquisitions and Dispositions

Smith Anderson on 6/26/2020

In an attempt to improve the financial information presented to investors in connection with many M&A transactions, the United States Securities and Exchange Commission (the “SEC”) recently adopted highly anticipated...more

SEC Revises Rules for Financial Statements Required for Acquisitions and Dispositions of Businesses and Real Estate

Sullivan & Worcester on 6/24/2020

In May 2020, the Securities and Exchange Commission approved amendments to the requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations, in Regulation S-X...more

SEC Streamlines Financial Statements Requirements in Connection with M&A Transactions

BCLP on 6/24/2020

On May 21, 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments (the “Amendments”) to streamline the financial statement disclosures that are required in connection with acquisition and disposition...more

Key Considerations for Non-US Companies Listing in the US

Skadden, Arps, Slate, Meagher & Flom LLP on 6/18/2020

The United States continues to be the destination of choice for many non-U.S. companies looking to go public. Active trading, superior liquidity, attractive valuations for growth companies and a deep pool of sophisticated...more

SEC Amends Business Acquisition and Disposition Disclosure Rules

Mayer Brown Free Writings + Perspectives on 5/31/2020

On May 21, 2020, the US Securities and Exchange Commission (SEC) adopted amendments (Amended Rules)1 to financial statement disclosures with respect to business acquisitions and dispositions required by Regulation S-X’s Rule...more

SEC Adopts Changes to Financial Disclosure Requirements for Acquisitions and Dispositions

Skadden, Arps, Slate, Meagher & Flom LLP on 5/29/2020

On May 21, 2020, the Securities and Exchange Commission (SEC) adopted extensive changes to the financial disclosure requirements for business acquisitions and dispositions. The amendments are intended to reduce the complexity...more

Financial Disclosures in the COVID-19 Era for REITs and other Public Companies Relating to Real Estate Assets and Liabilities

Ballard Spahr LLP on 4/11/2020

The stock markets’ volatility in the era of the COVID-19 pandemic is one of the virus’ largest impacts. With that in mind, the SEC recently made clear that timely disclosure of significant financial and non-financial issues...more

What You Need to Know About Private Equity Valuation Audit Reviews

Opportune LLP on 1/22/2020

Private equity fund managers need to develop reliable valuation processes and procedures when conducting fair value analyses in support of their investments to allow for a seamless review by independent auditors....more

Form 20-F for Fiscal Year 2019: What Foreign Private Issuers Should Keep in Mind

Skadden, Arps, Slate, Meagher & Flom LLP on 11/1/2019

There have been significant recent developments in U.S. Securities and Exchange Commission (SEC) regulation of foreign private issuers, (FPIs) including changes that impact the annual report on Form 20-F for fiscal year 2019....more

SEC Proposes Rules to Update Statistical Disclosure Requirements for Bank and Savings and Loan Registrants

Bracewell LLP on 9/25/2019

On September 17, 2019, the Securities and Exchange Commission (the “SEC”) proposed rules that would update the statistical disclosures provided by banking registrants in response to Industry Guide 3, Statistical Disclosure by...more

SEC Proposes Update of Statistical Disclosures for Bank and Savings and Loan Registrants, Replacing Industry Guide 3 (UPDATE)

Mayer Brown Free Writings + Perspectives on 9/25/2019

On September 17, 2019, the Securities and Exchange Commission (SEC) proposed rules to update the statistical disclosures that bank and savings and loan registrants provide to investors. The proposed rules would rescind...more

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