210.8-01—Preliminary Notes to Article 8.
Sections 210.8-01 to 210.8-08 shall be applicable to financial statements filed for smaller reporting companies. These sections are not applicable to financial statements prepared for the purposes of Item 17 or Item 18 of Form 20-F.
Code of Federal Regulations
Note 1 to § 210.8
:
Financial statements of a smaller reporting company, as defined by § 229.10(f)(1) of this chapter, its predecessors or any businesses to which the smaller reporting company is a successor shall be prepared in accordance with generally accepted accounting principles in the United States.
Code of Federal Regulations
Note 2 to § 210.8
:
Smaller reporting companies electing to prepare their financial statements with the form and content required in this article need not apply the other form and content requirements in Regulation S-X with the exception of the following:
a. The report and qualifications of the independent accountant shall comply with the requirements of Article 2 of this part;
b. The description of accounting policies shall comply with Article 4-08(n) of this part; and
c. Smaller reporting companies engaged in oil and gas producing activities shall follow the financial accounting and reporting standards specified in Article 4-10 of this part with respect to such activities.
To the extent that Article 11-01 of this part (Pro Forma Presentation Requirements) offers enhanced guidelines for the preparation, presentation and disclosure of pro forma financial information, smaller reporting companies may wish to consider these items.
Code of Federal Regulations
Note 3 to § 210.8
:
Financial statements for a subsidiary of a smaller reporting company that issues securities guaranteed by the smaller reporting company or guarantees securities issued by the smaller reporting company must be presented as required by § 210.3-10
, except that the periods presented are those required by § 210.8-02
.
Code of Federal Regulations
Note 4 to § 210.8
:
Financial statements for a smaller reporting company's affiliates whose securities constitute a substantial portion of the collateral for any class of securities registered or being registered must be presented as required by § 210.3-16
, except that the periods presented are those required by § 210.8-02
.
Code of Federal Regulations
315
Code of Federal Regulations
Note 5 to § 210.8
:
The Commission, where consistent with the protection of investors, may permit the omission of one or more of the financial statements or the substitution of appropriate statements of comparable character. The Commission by informal written notice may require the filing of other financial statements where necessary or appropriate.
Code of Federal Regulations
Note 6 to § 210.8
:
Section 210.4-01(a)(3)
shall apply to the preparation of financial statements of smaller reporting companies.