Washington, D.C., June 4, 2009 – LawFuel.com – The Securities and Exchange Commission’s Office of the Chief Accountant today announced the release of Staff Accounting Bulletin (SAB) No. 112.
This SAB updates the codification of previous SABs by removing material no longer necessary because of private-sector developments in U.S. generally accepted accounting principles, and in particular the Financial Accounting Standards Board’s issuance of Statement 141(R), Business Combinations, and Statement 160, Noncontrolling Interests in Consolidated Financial Statements. The SAB also clarifies the basis of accounting for purchased assets and liabilities that should be used when a substantially wholly-owned subsidiary presents separate financial statements.
The statements in SABs are not rules or interpretations of the Commission, nor are they published as bearing the Commission’s official approval. They represent interpretations and practices followed by the Division of Corporation Finance and the Office of the Chief Accountant in administering the disclosure requirements of the federal securities laws.