SEC staff updates Financial Reporting Manual
Defining Issues | July 2025
Updates include the SEC’s May 2020 amendments to S-X Acquisition Rules and S-X Article 11 Rules.
On July 2, 2025, the SEC staff announced an updated version of the Division of Corporation Finance’s Financial Reporting Manual (FRM) with certain sections updated as of June 30, 2025 (June 2025 FRM).
Applicability
- Division of Corporation Finance’s Financial Reporting Manual (FRM)
- Companies subject to the SEC’s rules and regulations
Key impacts
Notable updates included in the June 2025 FRM reflect the following:
- May 20, 2020 amendments to the S-X Acquisition Rules (S-X 3-05, S-X 3-14, S-X 8-04, and S-X 8-06) and S-X Article 11 Rules (Pro Forma) which were effective January 1, 2021, and
- Additional revisions for amendments to Regulation S-X Rules 3-10 and 3-16.
It is important to remember that the information in the FRM is non-authoritative. If it conflicts with authoritative or source material, the authoritative or source material governs.
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