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SEC Revises Financial Statement Disclosure Rules For Acquired and Disposed Businesses

June 11, 2020, Covington Alert

On May 20, 2020, the SEC adopted amendments to requirements for financial disclosures about acquired and disposed businesses. These rules have remained largely static for several decades, even as many other SEC rules and forms have undergone significant revisions in that time period. The amendments are intended to reduce the complexity and costs associated with the determination of whether and when financial information regarding an acquired or disposed business is required and with the preparation of historical financial statements and pro forma financial information. The amendments are effective as of January 1, 2021; however, voluntary compliance is permitted in advance of the mandatory compliance date provided that the amendments are applied in their entirety.

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