Tax & AccountingFebruary 02, 2023
SEC staff publishes new financial reporting manual
The staff in the SEC’s Division of Corporation Finance (Corp Fin) has published a new edition of its Division of Corporation Finance Financial Reporting Manual (Manual). Sections of the Manual have been updated as of December 31, 2022. These sections have been marked with the date tag, “Last updated: 12/31/2022,” to identify the changes.
This new edition has been updated for a number of SEC rulemakings and changes, including:
- Updated the phone number for contacting Corp Fin staff and provided a link to the new online submission for financial statement waiver or substitution requests.
- Revisions for amendments to Rules 3-10 and 3-16 of Regulation S-X in SEC Release No. 33-10763, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities.
- Revisions to add guidance related to the implementation of Accounting Standards Update (ASU) No. 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.
- Removed information that is no longer applicable due to the passage of time.
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