Following evolutions in Rules as the SEC adopts (comparatively new) FASB ASCs.

The way that our Laws and Rules work are not to much different then computer programming under C++, VB or other programming Languages. First we identify a property, introduce the principle to the Code and then we incorporate it by reference to Rule of Law. It's the exact same process to bring FASB ASC to SEC Rules this is fun to watch as FASB ASC was a great evolution in the ready portability of GAAP that is opening the way for innovation in other areas. In a soon to follow entry we will discuss this more. In the meantime we introduce to you recent SEC Rules adopting FASB ASC by rescinding and revising certain provisions of SEC SABs (Staff Accounting Bulletins) to more thoroughly incorporate FASB ASC. For your reviewing interest and in greater appreciation of FASB ASC as a monumental evolution in GAAP we are also providing you with a reference to the initial SEC Rule incorporating FASB ASC eff at 9-25-09 (an eon ago in this Economy, but not really all that long ago in the evolution of GAAP and SEC Rules).

Notes:
FASB ASC was the evolution of US GAAP from Standards to Codification in a more readily usable format, A favorable evolution in GAAP that cam from consideration of IFRS Convergence.

SEC SABs pertain to SEC Accounting, they are Staff Accounting Bulletins, the Accounting Guidelines for Accounting at the SEC as we understand it. Other Rules deal with the Regulated Entities, this Rule set is about actual Accounting work at the SEC.

We shared this out of appreciation for the evolutions in GAAP under FASB ASC and the interest of observing how GAAP becomes incorporated in US Regulation.  We hope you enjoy following with us where GAAP meets Regulatory Accounting under SEC Rules in this case and in other areas like Tax Law, Employment Law, Pensions and more to follow.

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Below please find:

SEC revises / rescinds elements of SABs to conform to GAAP eff 3/28/11.
SEC Revises and Rescinds Portions of SABs to Conform With GAAP via FASB ASC Eff 3-28-11

Original SEC Rule to incorporate FASB ASCs as a basis of Accounting eff 9/29/09.
Sec Accepts Fasb Asc Eff 9-25-09