8/3/2023 0 Comments Disposition define finance![]() ![]() Amend the definition of ‘significant subsidiary’ to provide a definition that is specifically tailored for investment companies.Make corresponding changes to the smaller reporting company requirements in Article 8 of Regulation S-X, which will also apply to issuers relying on Regulation A.Replace existing pro forma adjustment criteria with:.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.Align Rule 3-14 with Rule 3-05 where no unique industry considerations exist.Permit the use of, or reconciliation to, International Financial Reporting Standards as issued by the International Accounting Standards Board in certain circumstances.Modify and enhance the required disclosure for the aggregate effect of acquisitions for which financial statements are not required or are not yet required, and expand the pro forma requirements.Do not require separate acquired business financial statements once the business has been included in the registrant’s post-acquisition audited annual financial statements for either nine months or a complete fiscal year, depending on significance.permitting abbreviated financial statements if certain conditions are met.requiring certain ASC 932 disclosures on an unaudited basis for each full year of operations presented for the acquired business and.Codify current practices for acquired businesses that include oil- and gas-producing activities by:.Permit abbreviated financial statements for certain acquisitions of a component of an entity.Require the financial statements of the acquired business to cover no more than the two most recent fiscal years.conforming the significance threshold and tests for a disposed business.expanding the use of pro forma financial information in measuring significance and.revising the investment and income tests.The final amendments, among other things: The rule amends Regulation S-X for acquisitions and dispositions of businesses, including real estate operations, in Rules 3-05 and 3-14, Articles 8 and 11, and adds new Rule 6-11 for investment companies and business development companies.
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