Wednesday, February 01. 2023
SEC’s Division of Corporation Finance Updates Financial Reporting Manual and Exchange Act Rules, Forms

Accounting and Financial Reporting
In 2008, the accounting and financial reporting publication was initially prepared by Division of Corporation Finance staff and posted to the SEC’s website to both provide internal guidance and increase transparency of informal staff interpretations.
On December 31, 2022, the Financial Reporting Manual was modified to:
- reflect amendments to Rules 3-10 and 3-16 and addition of new rules 13-01 and 13-02 of Regulation S-X
- clarify implementation date of ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts for certain registration statements
- update the contact information for CF-OCA
- update the EGC revenue threshold based on the inflation-related adjustment announced in September 2022
- remove certain outdated information, such as guidance on the adoption of ASC 606
Compliance and Disclosure Interpretations
On January 27, 2023, new questions related to Rule 10D-1 were introduced to Section 121H of the Exchange Act Rules. This rule directs national securities exchanges and associations to establish listing standards relating to recovery of erroneously awarded compensation. The following new questions were added concerning requirements under Section 10D:
Additionally, on January 31, 2023, the following new questions were added to the Division’s interpretations of Exchange Act forms commonly used by issuers:
- Section 104 (Form 10-K) now includes New Question 104.19
- Section 110 (Form 20-F) now includes New Question 110.08 and New Question 110.09
- Section 112 (Form 40-F) now includes New Question 112.03 and New Question 112.04
Sources:
What's New in the Division of Corporation Finance - January 2023 (sec.gov)