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SEC updates Financial Reporting Manual

  • SEC (US Securities and Exchange Commission) Image

Nov 10, 2016

The SEC’s Division of Corporation Finance has published an update to its Financial Reporting Manual (FRM) that contains revisions made as of November 9, 2016.

The re­vi­sions include:

  • Sections 1140.3 and 10220.7 — Revised “guidance on the number of years of financial statements of a target company in a proxy statement when an emerging growth company is involved.”
  • Section 1330.5 — Clarified the filings that will be required after Form 10 becomes effective.
  • Section 5120.1 — Elucidated the “effect of loss of smaller reporting company status on accelerated filer determination and filing due dates.”
  • Section 8110.2 — Reflected changes to C&DIs on non-GAAP financial measures.
  • Section 10220.5 — Clarified “emerging growth company guidance on financial statements of entities other than the registrant and pro forma information.”
  • Section 11120.4 — Added implementation guidance related to new revenue standards (ASU 2014-09 and IFRS 15).
  • Section 11200 — Incorporated implementation guidance related to new leases standards (ASU 2016-02 and IFRS 16).
  • Section 11300 — Added implementation guidance related to short-duration contract disclosures (ASU 2015-09).

For more in­for­ma­tion, see Deloitte's related journal entry as well as the updated FRM on the SEC’s Web site.

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