|Original Pronouncement||Statement on Auditing Standards (SAS) 37.|
|Effective Date||This statement currently is effective.|
|Applicability||Reports of independent accountants included in registration statements filed with the Securities and Exchange Commission (SEC) under the Securities Act of 1933.|
SAS No. 122, Codification of Auditing Standards and Procedures, is effective for audits of financial statements with periods ending on or after December 15, 2012.
AU-C 925 does not change extant requirements in any significant way.
Effective date. The date after which securities registered with the SEC may be offered for sale to the public. Ordinarily, it is the date that the SEC completes its review of the registration statement.
Prospectus. The major component of the registration statement. It also is distributed to prospective purchasers of the securities that will be offered for sale. It contains financial and other information of the issuer.
Registration statement. A statement required to be filed with the SEC by a company before its securities may be offered for sale to the public. Its primary purpose is to provide prospective investors with financial and other information concerning the company and the securities being offered ...