FASB Issues ASU to Align Certain SEC Requirements With Codification Guidance

February 6, 2020

The FASB has issued an Accounting Standards Update (ASU), Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842).

The ASU adds:

An SEC paragraph to ASC 326 “pursuant to the issuance of SEC Staff Accounting Bulletin No. 119.”
A note to ASC 842 that refers to an announcement1 made by the SEC that it would “not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entity’s filing with the SEC adopting Topic 842, Leases, for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021.”

Footnotes

This announcement was made at the 2019 AICPA National Conference on Current SEC and PCAOB Developments.