SEC Proposes Amendments to Update and Simplify Disclosure Requirements
The Securities and Exchange Commission (the “SEC”) recently announced proposed amendments in order to update and simplify its disclosure requirements. The proposed amendments are intended to simplify compliance efforts and reduce the disclosure burden on companies subject to the SEC’s public reporting requirements, while maintaining the integrity of publicly disclosed information available to market participants. The proposed amendments address a number of SEC disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other SEC disclosure requirements, U.S. generally accepted accounting principles (“GAAP”), International Financial Reporting Standards (“IFRS”) and changes in technology and the information environment. In addition, the SEC is also soliciting comments on certain SEC disclosure requirements that overlap with, but require information incremental to, GAAP to determine whether to retain, modify, eliminate or refer them to the Financial Accounting Standards Board (“FASB”) for potential inclusion in GAAP. Read more in our summary here: https://www.dorsey.com/newsresources/publications/client-alerts/2016/08/sec-amendments-simplify-disclosure-requirement
