During 2020, U.S. public companies have dedicated a significant amount of time and resources (both internally and externally) to revising and updating their Securities and Exchange Commission filings to both adequately and accurately report the effects and risks of COVID-19 on their business, financial condition, and results of operations.
During the first and second quarters of 2020, the SEC provided targeted regulatory relief from filing requirements, while urging public companies to provide disclosures that would allow investors to evaluate the current and expected impact of COVID-19 and to revise and update their disclosures as facts and circumstances changed. Apart from COVID-19 disclosure considerations, the commission has also continued to press forward with its regular rulemaking agenda, which has significantly focused on updating disclosure requirements to improve disclosure for investors and, in many cases, simplify compliance obligations.
The most significant of these changes are summarized below.