{"id":1926,"date":"2021-01-26T11:25:00","date_gmt":"2021-01-26T16:25:00","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=1926"},"modified":"2021-01-26T11:25:00","modified_gmt":"2021-01-26T16:25:00","slug":"about-that-selected-financial-data-and-quarterly-information-change","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/about-that-selected-financial-data-and-quarterly-information-change\/","title":{"rendered":"About That Selected Financial Data and Quarterly Information Change??"},"content":{"rendered":"

In an earlier post<\/a>, we suggested eliminating Selected Financial Data and quarterly information disclosures in Form 10-K.\u00a0 This was based on the early transition option in the SEC\u2019s Management\u2019s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information<\/a> Final Rule.<\/p>\n

The change in administrations in Washington, D.C. has created the possibility of a change in the effective date of the new rule.\u00a0 In a January 20, 2021, Presidential Action titled \u201cRegulatory Freeze\u00a0Pending Review<\/a>,\u201d the new administration provides this guidance:<\/p>\n

    \n
  1. With respect to rules that have been published in the\u00a0Federal Register, or rules that have been issued in any manner, but have not taken effect, consider postponing the rules\u2019 effective dates for 60 days from the date of this memorandum<\/strong>, consistent with applicable law and subject to the exceptions described in paragraph 1, for the purpose of reviewing any questions of fact, law, and policy the rules may raise.\u00a0 For rules postponed in this manner, during the 60-day period, where appropriate and consistent with applicable law, consider opening a 30-day comment period to allow interested parties to provide comments about issues of fact, law, and policy raised by those rules, and consider pending petitions for reconsideration involving such rules.\u00a0 As appropriate and consistent with applicable law, and where necessary to continue to review these questions of fact, law, and policy, consider further delaying, or publishing for notice and comment proposed rules further delaying, such rules beyond the 60-day period.\u00a0 Following the 60-day delay in effective date:<\/li>\n<\/ol>\n

    a. \u00a0for those rules that raise no substantial questions of fact, law, or policy, no further action needs to be taken; and<\/p>\n

    b. \u00a0for those rules that raise substantial questions of fact, law, or policy, agencies should notify the OMB Director and take further appropriate action in consultation with the OMB Director.<\/p>\n

    A deferral of the effective date is not automatic. \u00a0And there are some questions about whether this action applies to independent agencies such as the SEC. \u00a0Whatever the case, the SEC would have to take action to defer the effective date.\u00a0 With these uncertainties it is likely not prudent to make these changes now.<\/p>\n

    As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"

    In an earlier post, we suggested eliminating Selected Financial Data and quarterly information disclosures in Form 10-K.\u00a0 This was based on the early transition option in the SEC\u2019s Management\u2019s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information Final Rule. The change in administrations in Washington, D.C. has created the possibility of a change … Continue reading About That Selected Financial Data and Quarterly Information Change??<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[242,96],"tags":[],"coauthors":[154],"class_list":["post-1926","post","type-post","status-publish","format-standard","hentry","category-reporting","category-sec-hot-topic"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=1926"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/1926\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=1926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=1926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=1926"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=1926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}