SEC Issues Staff Accounting Bulletin to Update Guidance on Pushdown Accounting
The SEC Office of the Chief Accountant and Division of Corporation Finance released its Staff Accounting Bulletin No. 115 rescinding portions of the interpretive guidance included in its Staff Accounting Bulletin ("SAB") Series for "pushdown" accounting.
In order to reflect private sector developments in U.S. Generally Accepted Accounting Principles, Staff Accounting Bulletin No. 115 rescinds SAB Topic 5.J., "New Basis of Accounting Required in Certain Circumstances." The new bulletin brings existing guidance into conformity with Accounting Standards Update No. 2014-17, which was ratified by the Financial Accounting Standards Board on October 8, 2014.