United States

SEC Updates Financial Reporting Manual and Issues C&DIs

Nov 22, 2016
From the Financial Reporting View

The staff of the SEC’s Division of Corporation Finance recently updated its Financial Reporting Manual, which provides general guidance about financial reporting topics. The SEC staff revised the manual to:

  • Add guidance related to the implementation of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (as amended by ASU No. 2015-14), and IFRS 15, Revenue from Contracts with Customers; ASU No. 2016-02, Leases (Topic 842), and IFRS 16, Leases; and ASU No. 2015-09, Disclosures about Short-Duration Contracts (Topic 944);
  • Clarify financial statement and pro forma financial information requirements for emerging growth companies;
  • Explain how losing smaller reporting company status affects accelerated filer determination and filing due dates; and
  • Clarify filing requirements after effectiveness of Form 10.

The SEC staff also issued and updated several Compliance and Disclosure Interpretations (C&DIs) related to the requirements of Form S-8.

Read Financial Reporting Manual and C&DIs