SEC Proposes Amendments To Update And Simplify Disclosure Requirements

The SEC proposed amendments to certain of its disclosure requirements that "may have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements" as well as those of the U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and International Financial Reporting Standards given the "changes in the information environment." The SEC requested comments on certain disclosure requirements that overlap with those of U.S. GAAP, but require information that is incremental to them, in order to determine whether to retain, modify, eliminate or refer the overlapping requirements to the Financial Accounting Standards Board for potential incorporation into U.S. GAAP.