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:
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New contact information for the Office of the Chief Accountant;
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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;
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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;
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Updated EGC revenue threshold based on the inflation-adjusted amount that was announced in 2022; and
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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.
