| Dear Center Members: |
This alert contains:
- SEC Form 11-K Filing Relief
- PCAOB Inspection Relief
- AICPA Special Report and COVID Resource Center
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SEC conditionally extends filing period 45 days for certain Form 11-K and other filings
The Securities and Exchange Commission (SEC) announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public registrant filing obligations under the federal securities laws, including plans that file a Form 11-K with the SEC pursuant to Section 15(d) of the 1934 Act. In addition, the SEC's Division of Corporation Finance issued its current views regarding disclosure considerations and other securities law matters related to COVID-19.
The SEC issued an order (SEC Order) that, subject to certain conditions, provides public registrants with a 45-day extension to file certain disclosure reports that would otherwise have been due between March 1 and July 1, 2020. These conditions include:
- The registrant or any person required to make any filings with respect to such a registrant is unable to meet a filing deadline due to circumstances related to COVID-19;
- Any registrant relying on the SEC Order furnishes to the Commission a Form 8-K.
Any registrant or other person in need of additional assistance related to deadlines, delivery obligations or their public filings, should contact the Division of Corporation Finance at (202) 551-3500 or at https://www.sec.gov/forms/corp_fin_interpretive.
Click here for the SEC filing relief order.
Click here for the SEC's Division of Corporation current views regarding disclosure considerations.
PCAOB provides audit firms 45-day relief from inspections
The PCAOB issued a statement providing PCAOB-registered audit firms an up to 45-day relief period from inspections, with the exception of providing the PCAOB access to audit documentation for certain engagements. Audit firms that wish to avail themselves of the 45-day relief period in full or in part should reach out to their designated inspections point of contact. The PCAOB expects to fully resume inspections beginning May 11, 2020.
Click here for the PCAOB relief statement.
Form 5500 filing relief not yet announced
The DOL and IRS are expected to grant Form 5500 filing relief and other regulatory relief, however, as of this alert there has been no announcement. The EBPAQC will communicate filing and regulatory relief when it is issued.
AICPA special report on financial implications of COVID-19
The AICPA's Center for Plain English Accounting (CPEA), which serves as the National A&A Resource Center for CPEA member firms, has issued a Special Report, Consequences of COVID-19 Financial Reporting Considerations, which provides succinct reminders to practitioners about some financial reporting matters that may need to be considered in light of the COVID-19 pandemic. These matters include, among others, evaluating whether the consequences of COVID-19 represent subsequent events under FASB ASC 855; evaluating market-value declines using the guidance in AICPA Technical Question & Answer (TQA) 9070.06; the auditor's going concern responsibilities in AU-C 570; risks and uncertainties disclosures in FASB ASC 275; and emphasis of matter (EOM) consideration in AUC section 706A.
Click here for the AICPA CPEA Special Report.
AICPA Coronavirus (COVID-19) Resource Center
The AICPA website has a resource center with free learning resources, advocacy and tax efforts, news and other topics related to Coronavirus (COVID-19).
Click here for the AICPA COVID Resource Center.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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