During this ever-lengthening government shutdown, it’s easy to forget that 2018 was a big year for changes to the SEC’s disclosure regime, which companies will need to keep in mind as they prepare their 2019 10-Ks and proxy statements. In particular, in August, the SEC adopted its Disclosure Updates and Simplification rules, which eliminated some duplicative, outdated and overlapping disclosure requirements (see our post here), and in June it adopted amendments to the smaller reporting company definition, which will permit more companies to take advantage of the scaled disclosures available to smaller reporting companies (see our post here). Companies meeting the new smaller reporting company threshold need to keep in mind that the definition of accelerated filer was not changed, so they may find themselves in position to take advantage of the smaller reporting company scaled disclosure requirements while still subject to accelerated filer deadlines and (if not an emerging growth company) the requirement to provide auditor attestation for internal control over financial reporting.
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