SEC Financial Reporting Manual — Division of Corporation Finance | DART

SEC Financial Reporting Manual — Division of Corporation Finance

The Financial Reporting Manual has been updated as of December 4, 2025, August 22, 2025 and June 30, 2025.

Disclaimer: This Manual was originally prepared by the staff of the Division of Corporation Finance to serve as internal guidance. In 2008, in an effort to increase transparency of informal staff interpretations, the Division posted a version of the Manual to its website. Because of its informal nature, the Manual does not necessarily contain a discussion of all material considerations necessary to reach an accounting or disclosure conclusion. Such conclusions about a particular transaction are very fact dependent and require careful analysis of the transaction and of the relevant authoritative accounting literature and Commission requirements. The information in this Manual is non-authoritative. If it conflicts with authoritative or source material, the authoritative or source material governs. The information presented also may not reflect the views of other Divisions and Offices at the Commission. The guidance is not a rule, regulation or statement of the Commission and the Commission has neither approved nor disapproved this information. The information included in this Manual may be updated from time to time and positions may change. As a result, the information in this manual may not be current.

Summary of Changes in Recent Updates

Sections of the Financial Reporting Manual have been updated as of December 4, 2025, August 22, 2025, and June 30, 2025. These sections have been marked with a corresponding date tag (e.g., “Last updated: 12/4/2025”) to identify the changes. Previous updates are marked using a similar convention and represent the last revision to the respective section(s). We include/update a date tag when the change is significant. Changes that are administrative in nature (for example, section reference updates, terminology modifications for consistency, or grammatical improvements) are not considered to be significant.

The charts below provide a summary of the significant changes as of December 4, 2025, August 22, 2025, and June 30, 2025. Note that the updates do not include changes for the following rulemaking: Special Purpose Acquisition Companies, Shell Companies, and Projections. For questions related to these amendments and rules, please contact the individual(s) listed within the rulemaking.

Topic/Section	Comment
1140.8, 2200.2, 2200.5, 2340, 2345, 2360, 5210, 6120.11, 6220.7, 6340.2, 6410.8, 6410.10, 10220.5, and 12250	Additional real estate related and other miscellaneous revisions to conform to the May 20, 2020 amendments to the S-X Acquisition Rules (S-X 3-05, S-X 3-14, S-X 8-04, and S-X 8-06) from SEC Release No. 33-10786, “Amendments to Financial Disclosuresabout Acquired and Disposed Businesses,” which were effective January 1, 2021.
4110,4125, 4140, 4210, 4220,4240, 4250, 4310.1, 4310.9,4310.16, 4320.1, 4320.18,4520.5, 4530, 4640,4710, 4810.3, 4810.4, 4830.1and 4830.6	Revisions for changes to standards issued by the PCAOB (including AS 2101, AS 1206, AS 3101 and AS 3105) and other clarifications related to independent accountants’ involvement.
1610,1620, 2705, 4420, 4870, 5350, 6120.12, 6410.2, 6420, 6720.5, 9110, 9200, 9410, 9500, 9510, 9700, 9910, 10220.2 and 13500	Revisions for amendments to S-K 301, S-K 302 and S-K 303 from SEC Release No. 33-10890 “Amendments to Management’s Discussion and Analysis, Selected Financial Data and Supplementary Financial Information,” which were effective February 10, 2021.
1360.2, 2935.22, 6120.6, 6220.10, 6320.4, 6810.1, 6830 and 13410.4	Other matters

Topic/Section	Comment
2000, 2305, 2310, 2315, 2320, 2325, 2330, 2335	Sections and sub-sections have been removed. Relevant content has been updated and/or reflected within 2900.
2540.6, 2640.2, 2640.4, 2640.5	Additional revisions for March 2, 2020 amendments to Rules 3-10 and 3-16 of Regulation S-X in SEC Release No. 33-10762, “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities”.
2900, Topic 3, 5320	Revisions for May 20, 2020 amendments to the S-X Acquisition Rules (S-X 3-05, S-X 3-14, S-X 8-04, and S-X 8-06) and S-X Article 11 Rules (Pro Forma) in SEC Release No. 33-10786, “Amendments to Financial Disclosures about Acquired and Disposed Businesses,” which were effective January 1, 2021. Note: There are other sections throughout the FRM that require revision to reflect updates made in 2900. These will be included in a future FRM update. Sub-sections reflect the last updated dates.

AB	Regulation AB
ADC	Acquisitions, Development and Construction
AICPA	American Institute of Certified Public Accountants
ARB	Accounting Research Bulletin
AS	Public Company Accounting Oversight Board Auditing Standard
ASC	FASB Accounting Standards Codification
ASC-MG	FASB Accounting Standards Codification Master Glossary
AT	Codification of Statements on Standards for Attestation Engagements
AU	Codification of Statements on Auditing Standards
C&DI	Division of Corporation Finance Compliance and Disclosure Interpretations
CF-OCA	Division of Corporation Finance, Office of Chief Accountant
COSO	Committee of Sponsoring Organizations of the Treadway Commission
DCP	Disclosure Controls and Procedures
EDGAR	SEC's Electronic Data Gathering, Analysis, and Retrieval system
EGC	Emerging Growth Company
EPS	Earnings Per Share
FASB	Financial Accounting Standards Board
FPI	Foreign Private Issuer
FRC	Codification of Financial Reporting Policies
FRR	SEC Financial Reporting Release
GAAP	Generally Accepted Accounting Principles (in the U.S.)
GAAS	Generally Accepted Auditing Standards (in the U.S.)
IAS	International Accounting Standards
IASB	International Accounting Standards Board
ICFR	Internal Control over Financial Reporting
IFRS	International Financial Reporting Standards
IPO	Initial Public Offering
JOBS Act	Jumpstart Our Business Startups Act
MD&A	Management's Discussion and Analysis
MJDS	Multijurisdictional Disclosure System
OCA	SEC's Office of the Chief Accountant
PCAOB	Public Company Accounting Oversight Board
REIT	Real Estate Investment Trust
SAB	Staff Accounting Bulletin
SAB Topic	Codification of Staff Accounting Bulletins (by topic)
SEC	U.S. Securities and Exchange Commission
SFAS	FASB Statements of Financial Accounting Standards
S-K	Regulation S-K
SOX	Sarbanes-Oxley Act of 2002
SRC	Smaller Reporting Company
S-T	Regulation S-T (EDGAR)
S-X	Regulation S-X
S-X Acquisition Rules	S-X 3-05, S-X 3-14, S-X 8-04, and S-X 8-06