FASB Issues ASU to Align Certain SEC Requirements With Codification Guidance
FASB Issues ASU to Align Certain SEC Requirements With Codification
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