The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2021-06, which updated the FASB Accounting Standards Codification (ASC) pursuant to:
- SEC Release No. 33-10786, which addresses amendments to financial disclosures about acquired and disposed businesses and was effective January 1, 2021. Among other revisions, the ASU added to the ASC the text of SEC Regulation S-X Rule 6-11, Financial Statements of Funds Acquired or to Be Acquired, which governs the financial reporting for fund acquisitions by investment companies and business development companies; and
- SEC Release No. 33-10835, which addresses updated statistical disclosures for bank and savings and loan registrants and applies to fiscal years ending on or after December 15, 2021. However, voluntary early compliance is permitted, provided that the rules are applied in their entirety.