E.2 SEC Activities
The SEC is a critical stakeholder given its role in standard setting and in regulating the U.S. capital markets. The legacy SEC guidance on leases, which is codified in ASC 840-30-S99 and ASC 840-40-S99, is more limited than that on revenue. However, the SEC staff has been following the implementation efforts of registrants and has updated (and may still update) its interpretive guidance accordingly.
E.2.1 Removal of Certain SEC Staff Announcements and SEC Staff Observer Comments
Upon the effective date of ASC 842, an SEC staff announcement and certain SEC
observer comments will be removed (i.e., will no
longer be effective) in accordance with
ASU
2017-13. The removed SEC staff
announcement and SEC staff observer comments
include those in ASC 840-30-S99 and ASC
840-40-S99. See Section E.3.1.1
for further discussion of ASU 2017-13, which
details the rescission of certain SEC
guidance.
See Chapter 16 for
further discussion of reporting considerations for
SEC registrants.