The Securities and Exchange Commission wants some of its financial disclosure requirements added to U.S. accounting rules.
The SEC has revised its disclosure requirements to eliminate dozens of rules that were outdated or overlapped with existing generally accepted accounting principles, which also include disclosure rules.
The commission asked the Financial Accounting Standards Board, which sets U.S. accounting rules, to consider the additional requirements as part of its standard-setting process.
The financial disclosure requirements vary in part because not all entities that adhere to GAAP—such as private companies and nonprofits—register with the commission.
In an Aug. 17 statement to Bloomberg Tax,...