United States

FASB Codification update: SEC disclosure update and simplification

FINANCIAL REPORTING INSIGHTS  | 

In 2018 the SEC issued Release No. 33-10532, Disclosure Update and Simplification, which amended certain disclosure requirements that had become redundant, outdated or superseded. In this Release, the SEC also referred certain of its disclosure requirements that overlap with, but require incremental information to, generally accepted accounting principles to the Financial Accounting Standards Board (FASB) for potential incorporation into its Accounting Standards Codification. After considering these referred disclosures, the FASB recently issued Accounting Standards Update (ASU) 2019-07, Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates.

In addition to amendments pursuant to Release No. 33-10532, ASU 2019-07 also amends various Codification SEC paragraphs pursuant to Releases Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. Other miscellaneous updates to agree the Codification to the electronic Code of Federal Regulations also were made.