1.1 Overview

As part of ensuring that investors receive relevant financial information about a company’s key activities, the SEC requires registrants to report financial information about significant acquired or to be acquired businesses and real estate operations in certain filings under Regulation S-X, Rules 3-05 and 3-14, respectively. Those requirements, as well as the SEC’s related guidance on pro forma financial information under Regulation S-X, Article 11, are discussed in this Roadmap.

In May 2020, the SEC issued a final rule that amends the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information. The final rule is effective for fiscal years beginning after December 31, 2020; however, early application is permitted. In July and August 2025, the SEC issued updates to the Financial Reporting Manual (FRM) that reflected the 2020 final rule amendment. This Roadmap outlines general considerations related to the requirements for domestic SEC registrants under the 2020 final rule amendment and the resulting 2025 updates to the FRM.