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Appendix E — Roadmap Updates for 2024

Appendix E — Roadmap Updates for 2024

Appendix E — Roadmap Updates for 2024

The table below summarizes the substantive changes made in the 2024 edition of this Roadmap.
Section
Title
Description
Measuring Significance When Previously Issued Financial Statements Must Be Retrospectively Adjusted
Updated Example 2-7 to clarify that a subsequent event for a discontinued operation is not reflected in the balance sheet because it is considered a nonrecognized event.
Investment Test
Added Connecting the Dots to discuss recent SEC staff observations related to the application of the investment test to significant acquisitions regarding contingent consideration, acquisition-related costs, and AWMV.
Form S-4 Financial Statement Requirements
Updated to address (1) a registrant’s consideration of paragraph 2005.5 of the FRM when determining the reporting requirements for a previously consummated unrelated significant business acquisition or a probable unrelated significant business acquisition and (2) the issuance and stay of the SEC’s final rule on climate-related disclosures.
Financial Statement and Audit Requirements for Targets in SPAC Transactions
Updated to reflect the issuance of the SEC’s final rule on financial reporting and disclosures for SPACs.
“Updating” Requirements for Registration Statements and Proxy Statements
Clarified discussion related to the application of Regulation S-X, Rules 3-06 and 3-12, on the updating requirements for registration statements and proxy statements.
Properties Subject to Triple Net Leases
Updated to note that registrants should consider Section 2340 of the FRM related to significant tenant financial statements.
Materiality Under ASC 805 Versus Significance Under Rule 3-14
Updated to add considerations related to the definition of a business under Regulation S-X for a real estate acquisition.
Pro Forma Balance Sheet
Updated to address the application of Regulation S-X, Rules 6-07, 7-04, and 9-04 to captions in the pro forma balance sheet.