SEC Staff Updates Financial Reporting Manual

The SEC’s Division of Corporation Finance (the “Division”) has published an update to its Financial Reporting Manual (FRM). The update’s changes include:

• Revisions to certain sections in response to the amendments to Regulation S-X made by SEC Final Rule Release No. 33-10762, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities.
• Addition to Section 11400 of guidance on implementing the provisions of FASB Accounting Standards Update No. 2018-12, Financial Services — Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.
• Removal of outdated guidance (e.g., on issues related to the adoption of ASC 606 on revenue recognition).
• New (1) contact information for the Division’s Office of Chief Accountant and (2) link related to the “submission for financial statement waiver or substitution requests.”

For more information, see the FRM on the SEC’s Web site.