The amended rules update tests for measuring the "significance" of an acquired business to limit the over-identification of acquisitions as material to a registrant. Some of the rule changes substantially conform significance testing for disposed businesses to testing for acquired businesses, while others align the financial statement requirements for acquisitions of real estate operations with those applicable to other types of acquired businesses. In addition to enhancing consistency in financial reporting, the amendments reduce some financial statement filing burdens and, consistent with the SEC's disclosure effectiveness initiative, clarify and codify many requirements that previously had developed in market practice or been articulated in SEC staff guidance.
The SEC's 267-page adopting release for the amended rules (Release No. 33-10786) can be viewed here.