Our analysis of SEC comment letters identifies the frequency of topical areas addressed by the SEC staff and how their focus areas change over time. In addition to providing our insights on the nature of the SEC staff comments within our interactive site, we provide sample text from the SEC staff’s comments and links to where you can learn more about the accounting and disclosure requirements addressed in each topical area.
Critical Audit Matters
The PCAOB issued its new auditor reporting standard in 2017. Phase 1 of the standard, implemented in 2018, covered the structure, form, and standardized content of the auditor’s report, as well as disclosure of auditor tenure. Adoption of Phase 2, which covers the implementation of critical audit matter reporting, is right around the corner – beginning with large accelerated filers with fiscal years ending on or after June 30, 2019.
ASC 842 Leases
With ASC 842 Leases implementations largely completed, we’ve included helpful Day 2 accounting reminders as well as implementation insights for those public and non-public companies who have not yet completed their implementations.
Only half of US businesses affected by the California Consumer Privacy Act of 2018 expect to be compliant by the 2020 deadline, according to a PwC survey of more than 300 executives at US companies. The law is expected to provide state residents sweeping data-privacy rights that most businesses will only be able to honor by first overhauling their personal data-governance capabilities.