On May 3, the SEC proposed rule amendments to improve and simplify financial disclosures relating to acquisitions and dispositions of businesses. The amendments would impact SEC Regulation S-X and related rules and forms, and would implement some significant changes, such as (1) modifying the tests used to determine whether an acquired business is “significant,” (2) reducing the number of fiscal years for which financial statements of an acquired business must be provided, and (3) clarifying when financial statements and pro forma financial information are required. The proposed amendments are subject to a 60-day public comment period.
If you have any questions on the proposed amendments, please contact Gunster securities law and corporate governance practice leader Bob Lamm.
