KEY POINTS
- Some large banks were reportedly allowed to bypass the guidance under certain conditions
- SEC staff reportedly agreed that some business practices were not within the bulletin's jurisdiction
- Lawmakers passed a resolution in May to overturn SAB 121, but the Biden administration said it will be vetoed
A largely divisive accounting bulletin by the U.S. Securities and Exchange Commission (SEC) that Congress voted to revoke in May has once again resurfaced on the news after a new report revealed that the regulatory agency has allowed some companies and financial institutions to be exempted from the controversial bulletin.
