On January 30, the Securities and Exchange Commission voted to propose amendments to certain financial disclosure requirements in Regulation S-K, in an effort to modernize and simplify such requirements. The SEC also issued new guidance relating to key performance indicators and metrics.
The SEC has proposed the following amendments and guidance to Regulation S-K:
Elimination of Items 301 Selected Financial Data and 302 Supplementary Financial Information
To simplify disclosure requirements in light of modern technological developments and reduce the repetition of non-material information, the SEC proposed eliminating the requirements that registrants provide 1) five years of selected financial data and 2) two years of selected quarterly financial data.
Amendments to Item 303 Management’s Discussion and Analysis of Financial Condition and Results of Operations
The SEC proposed various amendments to Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), including:
adding a new Item 303(a) to succinctly state and clarify the principal purposes of MD&A and streamline the instructions;
eliminating the specific requirement to discuss the impact of inflation and price changes, though a discussion of such matters would still be required if the trend shows they have had or are reasonably expected to have a material impact on net sales, revenue or income from continuing operations (Item 303(a)(3)(iv) Results of Operations (Inflation and Price Changes));
replacing the requirement that a registrant discuss off-balance sheet arrangements with a requirement to integrate disclosure of off-balance sheet arrangements within the broader context of MD&A (Item 303(a)(4), Off-Balance Sheet Arrangements);
eliminating the requirement to provide a contractual obligations table (Item 303(a)(5) Contractual Obligations);
permitting registrants to compare the most recently completed quarter to either the corresponding quarter of the prior year, as currently mandated, or to the immediately preceding quarter (Item 303(b) Interim Periods); and
requiring disclosure of critical accounting estimates.
Other proposed amendments to MD&A would require disclosure of known events reasonably likely to cause a material change in costs and revenues; codify existing interpretive guidance requiring the discussion of reasons underlying material changes in net sales or revenues and require disclosure of material cash requirements (including capital expenditures commitments); and the anticipated source of funds and general purpose of such material cash requirements.
Amendments Relating to Foreign Private Issuers
The proposed revisions include parallel amendments to Forms 20-F and 40-F relating to foreign private issuers (FPIs), intending that MD&A requirements for FPIs continue to mirror the substantive MD&A requirements in Item 303 of Regulation S-K.
The SEC also issued new guidance providing that, where registrants disclose key performance indicators or metrics, they should also consider the extent to which additional disclosure relating to the metrics is necessary in light of existing MD&A requirements and to ensure that the presentation of the indicators or metrics, in light of the circumstances under which they are presented, is not misleading. The guidance further provides a reminder for registrants to consider whether they have effective controls and procedures in place to process information related to the disclosure of key performance indicators and metrics to ensure consistency and accuracy.
Commenters have 60 days following publication in the Federal Register to submit comments to the proposed amendments, which is available here. The guidance is available here. [...]
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The post Smart Bricks meet Clicks & Voice – the Walmart Way appeared first on Daily Fintech. [...]
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Homeowners: What if we said you could save $974 on your homeowners and auto insurance this year?
Wait! Before you roll your eyes and mutter “Yeah, right,” hear us out.
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The Best Way to Bundle Your Insurance (It’s Not What You Think)
When it comes to bundling, your first inclination might be to pick up the phone and call your current insurance provider — “Hey, tack on my auto insurance, will ya?”
But that’s not always the best approach when it comes to saving money.
For starters, when’s the last time you explored your insurance options? You might be able to find a better deal if you switch companies.
Instead of calling up dozens of companies — or worse, getting quotes online and subsequently wading through an inbox full of spammy emails — you can get a free quote comparison with Gabi.
It takes all of two minutes. We’ll walk you through the process really fast:
Head over to Gabi's website.
Answer some basic questions about yourself, and connect your insurance accounts or upload a PDF of your policy details. By doing this, Gabi can better understand your coverage and give you a true apples-to-apples comparison — without shorting you on coverage.
Explore your options. Find something you like? You can easily buy the new policy directly through Gabi.
Here’s another cool part: If Gabi finds that you can actually save the most money by splitting your homeowners and auto insurance between two companies (not bundling), it’ll let you know.
Oh, and if you already have the best price? Gabi will tell you that, too. Then it’ll continue to keep an eye on other options and let you know if something better pops up.
Using this strategy, Gabi says it’s saved its users an average of $974 each year on auto and home insurance. Think about it: That could potentially cover your mortgage payment for this month.
Go ahead and grab your free quote. You have nothing to lose — except potentially hundreds of dollars to your current insurance providers.
Carson Kohler (firstname.lastname@example.org) is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017. [...]
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Diego Cervo / Shutterstock.com Dollar stores lure us in with rock-bottom prices. Sometimes you get what you pay for, but often the things they sell are good products at a tremendous discount — a real bargain. Here’s what bargain-shopping experts say are among the best buys at dollar stores. [...]