On August 17, 2018, the SEC approved a 314-page Final Ruleto implement many parts of their disclosure effectiveness and simplification initiatives. Included in the many changes made by the rule are updates to:
The instructions to the Forms
The changes focus on:
Removing redundant and duplicative requirements that are substantially similar to disclosures required by GAAP, International Financial Reporting Standards (IFRS), or other Commission disclosure requirements,
Eliminating overlapping requirements, which are related to, but not the same as GAAP, IFRS, or other Commission disclosure requirements,
Deleting outdated requirements which have become obsolete as a result of the passage of time or changes in the regulatory, business, or technological environment, and
Updating and superseding requirements which are inconsistent with recent legislation, more recently updated Commission disclosure requirements, or more recently updated GAAP.
We will post more about the details of some of the changes soon.
As usual, your thoughts and comments are always welcome!