SEC Staff’s Regulation S-K Study May Lead to Financial Reporting Requirements Reform

The SEC staff recently issued a report on its review of Regulation S-K, which was required by section 108 of the JOBS Act, the 2012 law that was enacted to increase U.S. job creation and economic growth by improving access to the public capital markets for emerging growth companies. The December 2013 report recommended a comprehensive approach to disclosure reform, with the staff expressing its belief that this would both streamline disclosure requirements for companies and focus on useful and material information for investors. The report's completion will enable the SEC to take the next step in considering whether disclosure requirements should be revised, which Chair Mary Jo White said the SEC would do in an October speech.