SEC Updates Financial Reporting Manual

The staff in the SEC’s Division of Corporation Finance has released revisions to its Financial Reporting Manual (FRM), effective as of June 30, 2025. The revisions include:

• Removal of certain sections and subsections in Topic 2, “Other Financial Statements Required.” Section 2900, “Businesses (Including Real Estate Operations) Acquired or To-Be-Acquired,” has also been updated to reflect relevant material from these sections and subsections.
• Updates to reflect the March 2020 amendments 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.
• Changes related to the May 2020 amendments made by SEC Final Rule Release No. 33-10786, Amendments to Financial Disclosures About Acquired and Disposed Businesses.