On August 17, 2018, the SEC issued a final rule1 that amends certain of its disclosure requirements “that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, [U.S. GAAP], or changes in the information environment.” As further stated in the final rule, the amendments it contains are “intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors.” The final rule was issued as part of the SEC Division of Corporation Finance’s overall effort to improve the effectiveness of the SEC’s financial reporting requirements2 and to implement certain elements of the Fixing America’s Surface Transportation Act. The final rule is effective 30 days after its publication in the Federal Register.
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