On August 17, the SEC adopted amendments intended to simplify and update the disclosure of information to investors and reduce compliance burdens for companies without significantly altering the total mix of information available to investors. The amendments are effective 30 days after their publication in the Federal Register.
The amendments eliminate certain:
- Redundant and duplicative requirements, which require substantially similar disclosures as GAAP, International Financial Reporting Standards (IFRS) or other SEC disclosure requirements.
- Overlapping requirements, which are related to, but not the same as GAAP, IFRS or other SEC disclosure requirements.
- Outdated requirements, which have become obsolete as a result of the passage of time or changes in the regulatory, business or technological environment.
- Superseded requirements, which are inconsistent with recent legislation, more recently updated SEC disclosure requirements, or more recently updated GAAP.