Commission Guidance Regarding the Financial Accounting Standards Board's Accounting Standards Codification, 42772-42773 [E9-20381]

Download as PDF 42772 Federal Register / Vol. 74, No. 163 / Tuesday, August 25, 2009 / Rules and Regulations Registry may not participate in any arrangement to share the cost of accessing the registry, including any arrangement with any telemarketer or service provider to divide the costs to access the registry among various clients of that telemarketer or service provider. (d) Each person who pays, either directly or through another person, the annual fee set forth in § 310.8(c), each person excepted under § 310.8(c) from paying the annual fee, and each person excepted from paying an annual fee under § 310.4(b)(1)(iii)(B), will be provided a unique account number that will allow that person to access the registry data for the selected area codes at any time for the twelve month period beginning on the first day of the month in which the person paid the fee (‘‘the annual period’’). To obtain access to additional area codes of data during the first six months of the annual period, each person required to pay the fee under § 310.8(c) must first pay $55 for each additional area code of data not initially selected. To obtain access to additional area codes of data during the second six months of the annual period, each person required to pay the fee under § 310.8(c) must first pay $27 for each additional area code of data not initially selected. The payment of the additional fee will permit the person to access the additional area codes of data for the remainder of the annual period. * * * * * By direction of the Commission. Donald S. Clark, Secretary. [FR Doc. E9–20252 Filed 8–24–09; 8:45 am] BILLING CODE 6750–01–S SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 211, 231, and 241 [Release Nos. 33–9062A; 34–60519A; FR– 80A] Commission Guidance Regarding the Financial Accounting Standards Board’s Accounting Standards Codification srobinson on DSKHWCL6B1PROD with RULES AGENCY: Securities and Exchange Commission. ACTION: Interpretation. SUMMARY: The Securities and Exchange Commission (the ‘‘Commission’’) is publishing interpretive guidance regarding the release by the Financial Accounting Standards Board (‘‘FASB’’) of its FASB Accounting Standards CodificationTM (‘‘FASB Codification’’). DATES: Effective Date: August 25, 2009. VerDate Nov<24>2008 19:42 Aug 24, 2009 Jkt 217001 FOR FURTHER INFORMATION CONTACT: Questions about specific filings should be directed to staff members responsible for reviewing the documents the registrant files with the Commission. General questions about this release should be referred to Jenifer MinkeGirard, Senior Associate Chief Accountant, or Jeffrey S. Cohan, Senior Special Counsel, Office of the Chief Accountant, at (202) 551–5300, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–6628. SUPPLEMENTARY INFORMATION: I. Background Section 108 of the Sarbanes-Oxley Act of 2002 1 amended Section 19(b) of the Securities Act of 1933 2 to provide that the Commission may recognize, as generally accepted for purposes of the securities laws, any accounting principles established by a standard setting body that meets specified criteria. On April 25, 2003, the Commission issued a policy statement concluding that the FASB and its parent organization, the Financial Accounting Foundation, satisfied the criteria for an accounting standard setting body under the Act, and recognizing the FASB’s financial accounting and reporting standards as ‘‘generally accepted’’ for purposes of the federal securities laws.3 On June 30, 2009, the FASB issued FASB Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles—a replacement of FASB Statement No. 162 (Statement No. 168), to establish the FASB Codification as the source of authoritative nonCommission accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’). Statement No. 168 is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The FASB Codification reorganizes existing U.S. accounting and reporting standards issued by the FASB and other related private-sector standard setters, and all guidance contained in the FASB 1 Public Law 107–204, 116 Stat. 745 (2002). U.S.C. 77s(b). 3 See Commission Statement of Policy Reaffirming the Status of the FASB as a Designated Private-Sector Standard Setter, Release Nos. 33– 8221; 34–47743; IC–26028; FR–70 (April 25, 2003) [68 FR 23333 (May 1, 2003)]. 2 15 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 Codification carries an equal level of authority.4 The FASB Codification directly impacts certain of the Commission’s rules, regulations, releases and staff bulletins (collectively referred to in this release as ‘‘Commission’s rules and staff guidance’’), which refer to specific FASB standards or other private sector standard-setter literature under U.S. GAAP, because such references are now superseded by the FASB Codification. The Commission is therefore issuing interpretive guidance to avoid confusion on the part of issuers, auditors, investors, and other users of financial statements and Commission rules and staff guidance. II. Discussion Many parts of the Commission’s rules and staff guidance include direct references to specific standards under U.S. GAAP. For example, Regulation S–X, which, together with the Commission’s Financial Reporting Releases, sets forth the form and content of and requirements for financial statements required to be filed with the Commission,5 includes specific references to specific standards under U.S. GAAP.6 In addition, some parts of the Commission’s rules and staff guidance outside of the financial statement context include specific references to specific standards under U.S. GAAP, such as in Item 402 of Regulation S–K regarding disclosure of executive compensation.7 Given the possible confusion between the Commission’s rules and staff guidance, on the one hand, and the FASB Codification, on the other hand, the Commission believes it is necessary to publish the guidance in this release. Concurrent with the effective date of the FASB Codification, references in the Commission’s rules and staff guidance to specific standards under U.S. GAAP should be understood to mean the corresponding reference in the FASB Codification. We note that the FASB Codification includes a cross-reference finding tool that can assist users in identifying where previous accounting literature resides in the FASB Codification. The Commission and its staff also intend to embark on a longer term rulemaking and updating initiative to revise comprehensively specific 4 The FASB Codification is available at https:// asc.fasb.org/home. 5 17 CFR 210.1–01. 6 See, e.g., Rule 1–02(u) of Regulation S–X [17 CFR 210.1–02(u)], which defines the term ‘‘related parties’’ by reference to FASB Statement of Financial Accounting Standards No. 57, Related Party Disclosures. 7 17 CFR 229.402. E:\FR\FM\25AUR1.SGM 25AUR1 Federal Register / Vol. 74, No. 163 / Tuesday, August 25, 2009 / Rules and Regulations references to specific standards under U.S. GAAP in the Commission’s rules and staff guidance. It should be noted that although the FASB has stated that the FASB Codification supersedes existing references in U.S. GAAP, the FASB Codification does not supersede Commission rules or regulations. We understand that the FASB Codification, as a service to users, includes references to some Commission rules and staff guidance. However, the FASB Codification is not the authoritative source for such content, nor does its inclusion in the FASB Codification affect how such content may be updated in the future. III. Codification Update The ‘‘Codification of Financial Reporting Policies’’ announced in Financial Reporting Release No. 1 (April 15, 1982) [47 FR 21028] is updated by adding at the end of Section 101, under the Financial Reporting Number (FR– 80A) assigned to this interpretive release, the text in Sections I and II of this release. The Codification is a separate publication of the Commission. It will not be published in the Federal Register/Code of Federal Regulations. List of Subjects 17 CFR Part 211 Reporting and recordkeeping requirements, Securities. 17 CFR Parts 231 and 241 Securities. Amendments to the Code of Federal Regulations For the reasons set out in the preamble, the Commission is amending title 17, chapter II of the Code of Federal Regulations as set forth below: ■ PART 211—INTERPRETATIONS RELATING TO FINANCIAL REPORTING MATTERS Part 211, Subpart A, is amended by adding Release No. FR–80A and the release date of August 18, 2009 to the list of interpretive releases. srobinson on DSKHWCL6B1PROD with RULES ■ PART 231—INTERPRETATIVE RELEASES RELATING TO THE SECURITIES ACT OF 1933 AND GENERAL RULES AND REGULATIONS THEREUNDER Part 231 is amended by adding Release No. 33–9062A and the release date of August 18, 2009 to the list of interpretive releases. ■ VerDate Nov<24>2008 19:42 Aug 24, 2009 Jkt 217001 PART 241—INTERPRETATIVE RELEASES RELATING TO THE SECURITIES EXCHANGE ACT OF 1934 AND GENERAL RULES AND REGULATIONS THEREUNDER Part 241 is amended by adding Release No. 34–60519A and the release date of August 18, 2009 to the list of interpretive releases. ■ By the Commission. Dated: August 19, 2009. Florence E. Harmon, Deputy Secretary. [FR Doc. E9–20381 Filed 8–24–09; 8:45 am] BILLING CODE P DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration 21 CFR Part 866 [Docket No. FDA–2009–N–0344] Microbiology Devices; Reclassification of Herpes Simplex Virus Types 1 and 2 Serological Assays AGENCY: Food and Drug Administration, HHS. ACTION: Direct final rule. SUMMARY: The Food and Drug Administration (FDA) is implementing a direct final rule correcting the regulation classifying herpes simplex virus (HSV) serological assays by removing the reference to HSV serological assays other than type 1 and type 2. When reclassifying this device, FDA mistakenly distinguished between HSV serological assays type 1 and type 2 and all other HSV serological assays. At that time, and today, the only preamendments HSV serological assays which FDA was aware of were type 1 and type 2 and, therefore, the classification of HSV assays other than type 1 and type 2 was incorrect. FDA is correcting the classification of this device to eliminate possible confusion resulting from this error. Elsewhere in this issue of the Federal Register, we are publishing a companion proposed rule under FDA’s usual procedure for notice and comment to provide a procedural framework to finalize the rule in the event we receive significant adverse comment and withdraw this direct final rule. DATES: This rule is effective December 7, 2009. Submit written or electronic comments on the direct final rule by October 8, 2009. If we receive no significant adverse comments within the specified comment period, we intend to PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 42773 publish a document confirming the effective date of the final rule in the Federal Register within 30 days after the comment period on this direct final rule ends. If we receive any timely significant adverse comment, we will withdraw this final rule in part or in whole by publication of a document in the Federal Register within 30 days after the comment period ends. ADDRESSES: You may submit comments, identified by Docket No FDA–2009–N– 0344, by any of the following methods: Electronic Submissions Submit electronic comments in the following way: • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments. Written Submissions Submit written submissions in the following ways: • Fax: 301–827–6870. • Mail/Hand delivery/Courier [For paper, disk, or CD-ROM submissions]: Division of Dockets Management (HFA– 305), Food and Drug Administration, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852. To ensure more timely processing of comments, FDA is no longer accepting comments submitted to the agency by email. FDA encourages you to continue to submit electronic comments by using the Federal eRulemaking Portal, as described previously, in the ADDRESSES portion of this document under Electronic Submissions. Instructions: All submissions received must include the agency name and Docket No(s). and Regulatory Information Number (RIN) (if a RIN number has been assigned) for this rulemaking. All comments received may be posted without change to https:// www.regulations.gov, including any personal information provided. For additional information on submitting comments, see the ‘‘Comments’’ heading of the SUPPLEMENTARY INFORMATION section of this document. Docket: For access to the docket to read background documents or comments received, go to https:// www.regulations.gov and insert the docket number(s), found in brackets in the heading of this document, into the ‘‘Search’’ box and follow the prompts and/or go to the Division of Dockets Management, 5630 Fishers Lane, rm. 1061, Rockville, MD 20852. FOR FURTHER INFORMATION CONTACT: Scott McFarland, Center for Devices and Radiological Health WO/66, rm. 5543, Food and Drug Administration, 10903 New Hampshire Ave., Silver Spring, MD, 301–796–6217. SUPPLEMENTARY INFORMATION: E:\FR\FM\25AUR1.SGM 25AUR1

Agencies

[Federal Register Volume 74, Number 163 (Tuesday, August 25, 2009)]
[Rules and Regulations]
[Pages 42772-42773]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-20381]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 211, 231, and 241

[Release Nos. 33-9062A; 34-60519A; FR-80A]


Commission Guidance Regarding the Financial Accounting Standards 
Board's Accounting Standards Codification

AGENCY: Securities and Exchange Commission.

ACTION: Interpretation.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission (the ``Commission'') is 
publishing interpretive guidance regarding the release by the Financial 
Accounting Standards Board (``FASB'') of its FASB Accounting Standards 
Codification\TM\ (``FASB Codification'').

DATES: Effective Date: August 25, 2009.

FOR FURTHER INFORMATION CONTACT: Questions about specific filings 
should be directed to staff members responsible for reviewing the 
documents the registrant files with the Commission. General questions 
about this release should be referred to Jenifer Minke-Girard, Senior 
Associate Chief Accountant, or Jeffrey S. Cohan, Senior Special 
Counsel, Office of the Chief Accountant, at (202) 551-5300, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-6628.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 108 of the Sarbanes-Oxley Act of 2002 \1\ amended Section 
19(b) of the Securities Act of 1933 \2\ to provide that the Commission 
may recognize, as generally accepted for purposes of the securities 
laws, any accounting principles established by a standard setting body 
that meets specified criteria. On April 25, 2003, the Commission issued 
a policy statement concluding that the FASB and its parent 
organization, the Financial Accounting Foundation, satisfied the 
criteria for an accounting standard setting body under the Act, and 
recognizing the FASB's financial accounting and reporting standards as 
``generally accepted'' for purposes of the federal securities laws.\3\
---------------------------------------------------------------------------

    \1\ Public Law 107-204, 116 Stat. 745 (2002).
    \2\ 15 U.S.C. 77s(b).
    \3\ See Commission Statement of Policy Reaffirming the Status of 
the FASB as a Designated Private-Sector Standard Setter, Release 
Nos. 33-8221; 34-47743; IC-26028; FR-70 (April 25, 2003) [68 FR 
23333 (May 1, 2003)].
---------------------------------------------------------------------------

    On June 30, 2009, the FASB issued FASB Statement of Financial 
Accounting Standards No. 168, The FASB Accounting Standards 
Codification\TM\ and the Hierarchy of Generally Accepted Accounting 
Principles--a replacement of FASB Statement No. 162 (Statement No. 
168), to establish the FASB Codification as the source of authoritative 
non-Commission accounting principles recognized by the FASB to be 
applied by nongovernmental entities in the preparation of financial 
statements in conformity with U.S. generally accepted accounting 
principles (``U.S. GAAP''). Statement No. 168 is effective for 
financial statements issued for interim and annual periods ending after 
September 15, 2009. The FASB Codification reorganizes existing U.S. 
accounting and reporting standards issued by the FASB and other related 
private-sector standard setters, and all guidance contained in the FASB 
Codification carries an equal level of authority.\4\
---------------------------------------------------------------------------

    \4\ The FASB Codification is available at https://asc.fasb.org/home.
---------------------------------------------------------------------------

    The FASB Codification directly impacts certain of the Commission's 
rules, regulations, releases and staff bulletins (collectively referred 
to in this release as ``Commission's rules and staff guidance''), which 
refer to specific FASB standards or other private sector standard-
setter literature under U.S. GAAP, because such references are now 
superseded by the FASB Codification. The Commission is therefore 
issuing interpretive guidance to avoid confusion on the part of 
issuers, auditors, investors, and other users of financial statements 
and Commission rules and staff guidance.

II. Discussion

    Many parts of the Commission's rules and staff guidance include 
direct references to specific standards under U.S. GAAP. For example, 
Regulation S-X, which, together with the Commission's Financial 
Reporting Releases, sets forth the form and content of and requirements 
for financial statements required to be filed with the Commission,\5\ 
includes specific references to specific standards under U.S. GAAP.\6\ 
In addition, some parts of the Commission's rules and staff guidance 
outside of the financial statement context include specific references 
to specific standards under U.S. GAAP, such as in Item 402 of 
Regulation S-K regarding disclosure of executive compensation.\7\
---------------------------------------------------------------------------

    \5\ 17 CFR 210.1-01.
    \6\ See, e.g., Rule 1-02(u) of Regulation S-X [17 CFR 210.1-
02(u)], which defines the term ``related parties'' by reference to 
FASB Statement of Financial Accounting Standards No. 57, Related 
Party Disclosures.
    \7\ 17 CFR 229.402.
---------------------------------------------------------------------------

    Given the possible confusion between the Commission's rules and 
staff guidance, on the one hand, and the FASB Codification, on the 
other hand, the Commission believes it is necessary to publish the 
guidance in this release. Concurrent with the effective date of the 
FASB Codification, references in the Commission's rules and staff 
guidance to specific standards under U.S. GAAP should be understood to 
mean the corresponding reference in the FASB Codification. We note that 
the FASB Codification includes a cross-reference finding tool that can 
assist users in identifying where previous accounting literature 
resides in the FASB Codification. The Commission and its staff also 
intend to embark on a longer term rulemaking and updating initiative to 
revise comprehensively specific

[[Page 42773]]

references to specific standards under U.S. GAAP in the Commission's 
rules and staff guidance.
    It should be noted that although the FASB has stated that the FASB 
Codification supersedes existing references in U.S. GAAP, the FASB 
Codification does not supersede Commission rules or regulations. We 
understand that the FASB Codification, as a service to users, includes 
references to some Commission rules and staff guidance. However, the 
FASB Codification is not the authoritative source for such content, nor 
does its inclusion in the FASB Codification affect how such content may 
be updated in the future.

III. Codification Update

    The ``Codification of Financial Reporting Policies'' announced in 
Financial Reporting Release No. 1 (April 15, 1982) [47 FR 21028] is 
updated by adding at the end of Section 101, under the Financial 
Reporting Number (FR-80A) assigned to this interpretive release, the 
text in Sections I and II of this release.
    The Codification is a separate publication of the Commission. It 
will not be published in the Federal Register/Code of Federal 
Regulations.

List of Subjects

17 CFR Part 211

    Reporting and recordkeeping requirements, Securities.

17 CFR Parts 231 and 241

    Securities.

Amendments to the Code of Federal Regulations

0
For the reasons set out in the preamble, the Commission is amending 
title 17, chapter II of the Code of Federal Regulations as set forth 
below:

PART 211--INTERPRETATIONS RELATING TO FINANCIAL REPORTING MATTERS

0
Part 211, Subpart A, is amended by adding Release No. FR-80A and the 
release date of August 18, 2009 to the list of interpretive releases.

PART 231--INTERPRETATIVE RELEASES RELATING TO THE SECURITIES ACT OF 
1933 AND GENERAL RULES AND REGULATIONS THEREUNDER

0
Part 231 is amended by adding Release No. 33-9062A and the release date 
of August 18, 2009 to the list of interpretive releases.

PART 241--INTERPRETATIVE RELEASES RELATING TO THE SECURITIES 
EXCHANGE ACT OF 1934 AND GENERAL RULES AND REGULATIONS THEREUNDER

0
Part 241 is amended by adding Release No. 34-60519A and the release 
date of August 18, 2009 to the list of interpretive releases.

    By the Commission.

    Dated: August 19, 2009.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-20381 Filed 8-24-09; 8:45 am]
BILLING CODE P
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