17.2 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.
17.2.1 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 17.3.1.1 for further discussion of ASU 2017-13, which details the rescission of certain SEC guidance.
See Chapter 18 for further discussion of reporting considerations for SEC registrants.