March 28, 2023

Volume XIII, Number 87


March 27, 2023

Subscribe to Latest Legal News and Analysis

SEC Division of Corporation Finance Releases Updated Financial Reporting Manual

The SEC’s Division of Corporation Finance, or CorpFin, has released an updated financial reporting manual (FRM). In keeping with prior convention, updates as of Dec. 31, 2022, are marked with a “Last updated: 12/31/2022” indicator. Updates include:

  • New contact information for the Office of the Chief Accountant;

  • Revisions for 2020 amendments to Regulation S-X Rules 3-10 and 3-16, and the addition of Rules 13-01 and 13-02, related to disclosures about guarantors and issuers of guaranteed securities and affiliates whose securities are pledged as collateral;

  • Revisions related to ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, to clarify the implementation date;

  • Updated EGC revenue threshold based on the inflation-adjusted amount that was announced in 2022; and

  • Removal of certain information that is not applicable due to the passage of time.

Notably, the newly released FRM does not yet contain updates related to the SEC’s 2020 rulemakings regarding amendments to financial disclosures about acquired and disposed businesses, or MD&A, selected financial data, and supplementary financial information.

Copyright ©2023 Nelson Mullins Riley & Scarborough LLPNational Law Review, Volume XIII, Number 33

About this Author

Erin Reeves McGinnis Securities Lawyer Nelson Mullins

Erin focuses her practice on securities transactions, including public and private offerings of securities, 1933 Act filings, 1934 Act reporting, corporate governance, SEC compliance, FINRA compliance, and general corporate matters, with a specific emphasis on real estate investment trusts (REITs). She also has significant experience with “Blue Sky” regulatory matters, as well as working with boards of directors and committees thereof, including agenda-setting. Additionally, she counsels clients seeking to create and raise capital through Qualified Opportunity Funds per the recently...