Small Public Company Forum

The SEC Staff has published a presentation called “SEC Staff Review of Common Financial Reporting Issues Facing Small Issuers.”  The presentation is similar to the document issued in 2009. 

As noted in the presentation overview, the purpose of the document is to provide a sample of issues that the SEC Staff of the Division of Corporation Finance frequently encounter when reviewing filings for smaller public companies as well as an overview of developments with the Division.

It is suggested that chief financial officers and controllers of smaller reporting companies review the presentation and consider the guidance as applicable to the company’s upcoming Form 10-K filing for 2010.

The presentation includes updates on the following:

1. Key SEC developments
2. SEC comment letter process
3. Detailed comments related to financial reporting issues (i.e., MD&A disclosures, business combinations, equity transactions, revenue recognition, etc.)
4. Internal control over financial reporting
5. Form 8-K, and
6. Resources for companies to contact for assistance within the SEC.

Link to the SEC presentation.

Submitted by Rachel Polson, audit partner with Baker Tilly Virchow Krause, LLP