August 17, 2018

SEC voted to adopt amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other disclosure requirements, U.S. Generally Accepted Accounting Principles (GAAP), or changes in the information environment. The amendments will be effective 30 days from publication in the Federal Register.

The amendments are intended to simplify and update the disclosure of information to investors, including long-term Main Street investors, and reduce compliance burden for companies without significantly altering the total mix of information available to investors. SEC is also referring to certain disclosure requirements that overlap with, but require information incremental to, GAAP to the FASB for consideration for potential incorporation into GAAP. The amendments would eliminate certain:

  • Redundant and duplicative requirements, which require substantially similar disclosures as GAAP, IFRS, or other SEC disclosure requirements. 
  • Overlapping requirements, which are related to, but not the same as GAAP, IFRS, or other SEC disclosure requirements.
  • Outdated requirements, which have become obsolete as a result of the passage of time or changes in the regulatory, business, or technological environment.
  • Superseded requirements, which are inconsistent with recent legislation, more recently updated SEC disclosure requirements, or more recently updated GAAP. 

The amendments apply primarily to public reporting companies (including foreign private issuers). Certain amendments also apply to other entities SEC regulates, including Regulation A issuers, investment advisers, investment companies, broker-dealers, and nationally recognized statistical rating organizations.

 

Related Links

Effective Date: FR + 30 Days

Keywords: Americas, US, Securities, Accounting, Disclosures, GAAP, IFRS, FASB, SEC

Related Articles
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

OCC Report Examines Key Risks for Federal Banking System

OCC published the Seminannual Risk Perspective for Spring 2019.

May 20, 2019 WebPage Regulatory News
News

ESMA Updates the List of Guidelines Under Its Mandate in May 2019

ESMA updated the overview of guidelines published under its mandate, with information and links to the related documents.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3108