Simplification of 10K Disclosures

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On November 19, 2020, (in their latest efforts to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K) the U.S. Securities and Exchange Commission (SEC) adopted amendments to eliminate the requirements to provide selected financial data and supplementary financial data, and amended the Management’s Discussion and Analysis (MD&A) requirement to revise or eliminate certain disclosure obligations.

“Today’s rules will improve the quality and accessibility of the disclosure that companies provide their investors, including, importantly giving investors greater insight into the information management uses to monitor and manage the business,” said outgoing SEC chairman Jay Clayton in a statement. “The improved approach to these disclosures reflects the broad diversity of issuers in our public markets and will allow investors to make better capital allocation decisions, while reducing compliance burdens and costs and maintaining strong investor protection.”

The amendments are intended to focus financial disclosures on material information while simplifying compliance for registrants.

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