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SEC, FASB issue changes aimed at simplifying disclosure requirements

Tammy Whitehouse | September 11, 2018

Companies need to update their disclosure controls and procedures now that regulators and standard setters are making good on their promises to trim unnecessary bulk out of disclosure requirements.

The Securities and Exchange Commission recently issued a 314-page release that edits more than 100 specific disclosure requirements found primarily in Regulation S-K, Regulation S-X, and in the 1933 and 1934 securities and exchange laws that gave birth to capital market regulation. The release amends disclosure requirements that the SEC describes as redundant, duplicative, overlapping, outdated, or superseded in relation to other SEC or accounting disclosure requirements.

Soon after the SEC finalized its 2016 proposal that delivers on its promise to clean up disclosure rules,...

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