By George Wilson


On November 18, 2020, CorpFin updated several areas in the FRM for recent changes made by the SEC, FASB and PCAOB.  There are some areas where updates are still in process.


The current update addresses:


  • New Smaller Reporting Company definition
  • Accelerated and Large Accelerated Filer definitions
  • Audit requirements for SPACs
  • Various SEC disclosure simplification and modernization rules
  • Various updates and changes related to FASB and PCAOB standards


Areas for future updates, including links to the related final rules, are:


Amendments to Financial Disclosures about Acquired and Disposed Businesses


Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities


Qualifications of Accountants (Auditor Independence Requirements)


These new rules contain early transition provisions.  If you have questions when dealing with one of them, CorpFin recommends contacting the staff identified in each Final Rule.


As always, your thoughts and comments are welcome!


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