The SEC has amended Regulation S-K to simplify MD&A, streamline supplementary financial information, and eliminate "Selected Financial Data."
The SEC has amended Regulation S-K to modernize, simplify, and enhance Management’s Discussion and Analysis (MD&A), treamline supplementary financial information, and eliminate the requirement to provide certain selected financial data. These changes impact many SEC filings, including Forms 10-K, 10-Q, 20-F, and 40-F and many registration statements. Key changes include:
The amendments reflect a principles-based, registrant-specific approach to disclosure, intended to facilitate an understanding of the company from management’s perspective. The changes are a result of the SEC’s disclosure effectiveness initiative.
The amended rules were posted to the Federal Register on January 11 and will become effective February 10. Registrants are required to comply with the new rules beginning with the first fiscal year ending on or after August 9, 2021. Registrants may early adopt the amended rules at any time after the effective date (on an item-by-item basis), as long as they provide disclosure responsive to an amended item in its entirety.
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