New US SEC Staff Accounting Bulletin

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05 Jun 2009

The US Securities and Exchange Commission's Office of the Chief Accountant has published Staff Accounting Bulletin (SAB) No 112.

SAB 112 updates the codification of previous SABs by removing material no longer necessary because of private-sector developments in US GAAP – most particularly due to the recent FASB standards on business combinations and noncontrolling interest. The SAB also clarifies the basis of accounting for purchased assets and liabilities that should be used when a substantially wholly-owned subsidiary presents separate financial statements. SABs are not official rules of the Commission but, rather, are interpretations and practices followed by the Commission's staff in administering the disclosure requirements of US securities laws. This Page on the SEC Website has links to all Staff Accounting Bulletins still in force.


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