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SEC Takes First Step in Disclosure Rule Revamp

  • IFRS - SEC Image

Apr 14, 2016

On April 14, 2016, the Securities and Exchange Commission (SEC) announced that it's getting back to basics as it considers an update to financial reporting rules.

The SEC on Wednesday issued a “concept release” outlining some of the questions it is considering as part of a disclosure rules review.

The SEC in December 2013 recommended a “comprehensive evaluation” of rules that govern how much and what type of information companies must disclose in their annual and quarterly reports.

Wednesday’s report considers such bedrock questions as whether new rules should be based on broad principles or whether the SEC should prescribe more specific rules. The release also tries to define the audience for financial reports.

It then delves into specific items. Those include defining intellectual property, description of property, off-balance sheet arrangements and disclosure about corporate sustainability efforts.

Review the concept release on the SEC's Web site.

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