FOR IMMEDIATE RELEASE
Washington, D.C., May 9, 2003 The U.S. Securities and Exchange Commission's Office of the Chief Accountant and the Division of Corporation Finance announced today the release of Staff Accounting Bulletin (SAB) No. 103, "Update of Codification of Staff Accounting Bulletins." This SAB revises or rescinds portions of the interpretive guidance previously included in the codification of SABs in order to make the interpretive guidance consistent with current authoritative accounting and auditing guidance and SEC rules and regulations. Many of the changes involve the rescission of material no longer needed because of changes in authoritative accounting standards as well as Commission rulemaking.
The purpose of this SAB is to comprehensively update the existing SAB codification. Additionally, this effort will result in the entire SAB codification being placed on the SEC's website, making it readily accessible.
"I am pleased that we have completed this comprehensive revision of the SABs. While the staff has, over time, updated certain portions of the codification, this is the first time in more than 20 years that we have completed a comprehensive update of the codification. Because of this effort, for the first time, we will be able to make the entire codification of the SABs available on the Commission's website," said Acting Chief Accountant Jackson M. Day.
The statements in SABs are not rules or interpretations of the Commission, nor are they published as bearing the Commission's official approval. They represent interpretations and practices followed by the Division of Corporation Finance and the Office of the Chief Accountant in administering the disclosure requirements of the Federal securities laws.