On December 5, 2025, the SEC staff <a href="https://www.sec.gov/newsroom/whats-new/updates-financial-reporting-manual-december-4-2025″ rel=”nofollow noopener” target=”_blank”>announced an updated version of the Division of Corporation Finance’s Financial Reporting Manual (FRM) with certain sections updated as of December 4 (December 2025 FRM).
- Division of Corporation Finance’s Financial Reporting Manual (FRM)
- Companies subject to the SEC’s rules and regulations
Notable updates included in the 2025 FRM reflect the following:
- Revisions to reflect the SEC’s final rules for Special Purpose Acquisition Companies, shell companies and projections, which were effective July 1, 2024 (December 2025 FRM).
- Revisions to the real estate and other miscellaneous revisions for the May 20, 2020 amendments to the S-X Acquisition Rules (S-X Rules 3-05, 3-14, 8-04, and 8-06), which were effective January 1, 2021 (August 2025 FRM).
- Revisions for changes to standards issued by the PCAOB (including AS 2101, AS 1206, AS 3101 and AS 3105) and other clarifications related to independent accountants’ involvement (August 2025 FRM).
- Revisions for amendments to S-K 301, 302 and 303, which were effective February 10, 2021 (August 2025 FRM).
- 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.
- Revisions for amendments to Regulation S-X Rules 3-10 and 3-16, which were effective January 4, 2021 (June 2025 FRM).
It is important to remember that the information in the FRM is non-authoritative. If it conflicts with authoritative or
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