This is some great information on the definition of swap-related terms for regulating derivatives from the SEC. Understanding this information can help you with your internal controls over treasury procedures and investments:
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The jobs act created a new category of issuer, called an "Emerging Growth" (ECG) company, in the interest of stimulating equity investment in companies by modifying the regulations surrounding registration, capital-raising activities, and compliance requirements. To qualify for this category, a company must have produced less than 1 billion of revenue in it's prior fiscal year (and must not have sold common equity in a registered offering prior to December 8, 2011). A qualifying company would lose ECG status when one of the following occurs:
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- Five years elapse from the IPO date
- Company produces more than 1 billion in gross revenue
- Company issues more than 1 billion in non-convertible debt within a 3-year period
- Company reaches accelerated-filer status (>$700MM public market float)
As an ECG, a company would be exempt from an external audit of their internal controls over financial reporting (SOX 404(b)) as long as they maintain ECG status. This would be a maximum of 5 years from the IPO date if no other conditions specified above are met before that time.
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Tags: Internal Controls, Pre-IPO, 404, SOX, internal control
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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, internal control, Sarbanes-Oxley, Internal Control Education, internal control tips, fraud, Internal Control Deficiency
2 Minute Vlog Accounting Tip of the Day: How to Organize Internal Control Testing Samples
In less than 2 minutes, learn about how to organize internal controls test samples into binders for easy delivery and review by external auditors and stakeholders.
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Tags: Internal Controls, Sarbanes-Oxley Articles & Information, Accounting Tip of the Day, Process Improvement, Internal Control Education, internal control tips
2 Minute Vlog Accounting Tip of the Day: Month-End Close Checklists
In less than 2 minutes, learn how and why you should create a period-end close checklist for your organization. Brought to you by Vibato, LLC; simply the best in compliance services.
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Tags: Accounting Tip of the Day, internal control, Internal Control Education, internal control tips, Close Best Practices
