The Codification includes authoritative financial accounting and reporting guidance that has been issued by the FASB ("FASB guidance") and relevant portions of financial accounting and reporting guidance that has been issued by the SEC and its staff ("SEC guidance"). (See the Notice to Constituents for more details.)
In the Codification, SEC guidance is organized in the same manner as—but separate from—FASB guidance. The distinction between FASB and SEC guidance is made at the Section level of the Codification content’s hierarchy.
SEC Sections are identified with the same standardized two-digit Section numbers and titles as FASB Sections, except that the Section number is preceded by the letter "S." Section S99, SEC Materials, is also an SEC Section; there is no FASB Section that corresponds to it.
All authoritative guidance issued by the FASB is included in the Codification. The SEC and its staff issue many kinds of guidance that apply to its registrants; the Codification includes relevant portions of authoritative content issued by the SEC and selected SEC staff interpretations and administrative guidance that pertain to financial accounting and reporting, but it does not include other kinds of SEC guidance.
Examples of included SEC content are:
- Regulation S-X (SX)
- Financial Reporting Releases (FRR)/Accounting Series Releases (ASR)
- Interpretive Releases (IR)
- SEC Staff guidance in:
- Staff Accounting Bulletins (SAB)
- EITF Topic D and SEC Staff Observer comments.
The SEC guidance that is included in the Codification does not originate with the FASB—it is provided on a "pass through" basis merely as a convenience to Codification users. The SEC Sections do not contain the entire population of SEC rules, regulations, interpretive releases, and staff guidance. For example, the Codification does not include all content related to matters outside the basic financial statements, such as Management’s Discussion and Analysis (MD&A), or to auditing or independence matters.
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To hide SEC content, position your mouse pointer over the "Display" menu on the toolbar at the bottom of the Codification window and select "Hide SEC Content." To display SEC content that you have hidden, position your mouse pointer over the "Display" menu and select "Show SEC Content."