Yesterday, the SEC posted its updated Financial Reporting Manual, which was revised as of June 30, 2012 (search for the date tag, “Last updated: 6/30/2012,” to view the changes). The SEC added a note regarding Title I of the Jumpstart Our Business Startups Act (JOBS Act) to the manual, but the note did not add any new guidance regarding the financial reporting and other requirements for emerging growth companies and just referred to the existing SEC guidance regarding the JOBS Act at http://www.sec.gov/divisions/corpfin/cfjobsact.shtml.
The remaining revisions to the Financial Reporting Manual clarify the following matters:
- proxy statement requirements for the disposal of a business;
- auditor association with amounts from inception in development stage companies;
- application of PCAOB auditor requirements in connection with a reverse merger; and
- reporting requirements in a reverse acquisition with a domestic registrant that is not a shell company.