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SEC Releases Updated Financial Reporting Manual

On December 9, 2008, the Staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission publicly released its Financial Reporting Manual (“2008 Manual”), a reference guide for Division staff members that addresses many important aspects of the financial reporting and disclosure rules applicable to SEC reporting companies. The 2008 Manual is primarily intended for the use of the Division’s staff; however, the Staff ’s decision to post the manual on its Web site provides SEC reporting companies, as well as their auditors and other advisors, the opportunity to better understand the Staff ’s position on many important issues.