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SEC amends Staff Accounting Bulletin series to make it consistent with current guidance

  • SEC (US Securities and Exchange Commission) Image

Nov 30, 2017

The SEC has issued Staff Accounting Bulletin (SAB) No. 117, which amends certain SAB Topics to make them consistent with current auditing and accounting guidance, especially the FASB’s ASC 321, "Investments — Equity Securities."

Specifically, SAB 117 amends SAB Topic 5, "Miscellaneous Accounting," to note that Topic 5.M is no longer applicable upon adoption of ASC 321. ASC 321 creates new guidance that "eliminates the ability to present changes in the fair value of investments in equity securities within other comprehensive income, which eliminates the need for Topic 5.M."

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