Bar Bulletin

Bar Bulletin

New SEC Financial Reporting Rules Come under Fire

November 2020 Bar Bulletin

By George Petre

The new decade began with an important message from the Securities and Exchange Commission (“Commission”), revealing the overhaul of the Financial Reporting Manual (“Manual”). The announcement triggered vigorous debate among stakeholders holding differing views about how the Manual should be changed. 

Among them is the view supporting the inclusion in the overhaul of sustainable reporting. Advocates of this view go as far as arguing that without its inclusion in the overhaul, investors cannot make accurate decisions regarding their investments.1

On January 30, Commission Chair Jay Clayton announced proposed amendments to two sections of the Manual. One is Section S-K of the Management...

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