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Flashcards in REG 25 Deck (15):

If the preparer takes an unreasonable position, what is the percentage that applies to "understatement of liability"

None, there is no %, an unreasonable position can get the preparer fined


Termination without a hearing from aicpa

conviction of a felony
revocation of cpa liscence
will failure to file individual tax return


Annual inspection PCAOb how manyaudits?

more than 100


Question says: What form by "nonreporting and unseasoned issuers"

Implying that it's one thing.

It's not -
nonreporting issuers: need not file reports under 1934

unseasoned: file reports for at least 3 consecutive years, bur not more stringent requirements


A well known seasoned issuer is defined how. What form do they file?

Has three criteria actually
- worldwide market cap of over 700 million
- issued at least 1 billion of debt or preferred stock in the past 3 years

Form S-3


Regulation S-X what does it do and what is it one of

Governs the reporting of financial statements, including notes and schedules

SEC's 5 major types of accounting related pronouncements


What must MD and A disclose?

Capital Resources
Results of Operations
Effects of Inflation and Changing Prices


Are forward looking information and forecasts required to be discussed in an MD and A?



REgulation D, Rule 505
What is the dollar limitation for this section?
What does it have to do with?
What is the notification requirement that after must company notify SEC about sale via what form?

Unregistered stock offerings
File form D within 15 days of first sale
Only accredited and up to 35 non=accredited
No advertising if non-accredited and must provide non-accredited some information`1`


SEC registration requirements for non publicly traded. companies.

What section?

Assets (not revenues) in excess of 10 million
500 shareholders


What does the Fair Labor Standards Act Cover - 4 Things

MEOW said the Child

Minimum Wage
Equal Pay
Child Labor


In a non-contributory pension plan, who's not contributing?

The employee


Which laws prohibits sex discrimination?

Equal pay act
Title 7 of the Civil Rights Act


Fair Credit Billing Act
HOw long after a customer's inquiry must the correction be made?
How long after receiving bill does customer have for raising objection?
Forfeiture for failure to comply by creditor

90 days to correct after inquiry
60 days customer must raise objection
Charge up to $50


Collection agencies: how do people stop harrassment. What act covers this.

Write them a letter, tell them they no longer wish to be contacted or they can't talk to their neighbors about the debt. Then the only remedy is to sue the Debtor.

Fair credit collections act.