DEFINITION of 'Accounting Series Releases - ASRs'

Accounting Series Releases (ASRs) are official accounting pronouncements published by the Securities and Exchange Commission (SEC). ASRs provide accountants with accounting and auditing procedures to follow in reports filed with the SEC. ASRs include guidelines and rules on the various facets of corporate accounting, such as auditing policies, disclosure mandates and filing statements for publicly traded companies.

BREAKING DOWN 'Accounting Series Releases - ASRs'

Accounting Series Releases (ASRs) are issued by the SEC as a means to help continually refine accounting requirements and principles in response to financial reporting issues. The first Accounting Series Release was published on April 1, 1937. The SEC issued this first release in response to disparate and vague concepts prevalent among practicing accountants at that time. As a result of the ambiguity of the financial data then being reported by publicly traded companies to regulators and the investing public, the SEC sought to issue guidance on what should be considered, and what it as a regulator would deem, as sound accounting practice.

Accounting Series Releases in Practice

The SEC has issued hundreds of Accounting Series Releases since ASR Number 1 was published in 1937. Topics addressed in different ASRs run the gamut of the accounting practice, and include such things as deferred taxes (ASR Numbers 85 and 86), the SEC's preference for an "all-inclusive" income statement over one dealing with only current income (ASR Number 70) and the accounting of employee stock options (ASR Number 76). As a specific example, ASR 280 addresses the SEC's guidelines on accounting for the income or loss applicable to common stock. In this ASR, the SEC indicates that "income or loss applicable to common stock should be reported on the face of the income statement when it is materially different ... from reported net income or loss or ... indicative of significant trends or other qualitative considerations."

Along with being published in the SEC Docket, recent Accounting Series Releases may be posted on the SEC's website. ASRs are published along with Auditing Enforcement Releases (AAERs) in the SEC Docket. Accounting Series Releases were codified as Financial Reporting Releases (FRRs) starting in 1982.

RELATED TERMS
  1. Accelerated Share Repurchase - ...

    An accelerated share repurchase is a specific method by which ...
  2. SEC Form 18-K

    SEC Form 18-K is a filing with the SEC used to provide an update ...
  3. SEC Fee

    The SEC fee is a transaction cost attached to the selling of ...
  4. SEC Form N-30B-2

    SEC Form N-30B-2 is a form filed with the SEC attesting that ...
  5. SEC Form 1

    SEC Form 1 is an application for, or amendments to, registration ...
  6. SEC Form S-2

    SEC Form S-2 is a form from the Securities and Exchange Commission ...
Related Articles
  1. Insights

    Understanding the SEC

    The SEC's triple mandate of investor protection, maintenance of orderly markets and facilitation of capital formation makes it a vital player in capital markets.
  2. Personal Finance

    Policing The Securities Market: An Overview Of The SEC

    Find out how this regulatory body protects the rights of investors.
  3. Investing

    SEC Employees Enjoy Same Hefty Investment Returns as Insider Traders They Prosecute

    SEC employees are getting huge investment returns just like the companies they investigate for insider trading.
  4. Investing

    Financial History: The Rise of Modern Accounting

    How government regulation and the modern accounting profession grew hand-in-hand.
  5. Investing

    SEC Approves New Rules for Broker/Advisor Conduct

    The SEC made it official this week, proposing new regulation that would lower investor confusion and protect them from conflicts of interest.
  6. Tech

    SEC Targets Cryptocurrency Hedge Funds In Probe

    For the first time, hedge funds have been drawn into SEC examinations regarding cryptocurrencies.
  7. Tech

    How SEC Regs Will Change Cryptocurrency Markets

    The SEC's recent broadsides have made regulation imminent in cryptocurrency markets.
  8. Insights

    Is This the End of Quarterly Earnings Reports?

    The SEC has issued a concept release calling for public comment on the requirement to submit quarterly earnings. Depending on the feedback, the practice may end.
  9. Insights

    How The SEC Tracks Insider Trading

    We look at how the SEC tracks and tries to stop insider trading - a seemingly impossible task.
RELATED FAQS
  1. What are unregistered securities or stocks?

    Before securities, like stocks, bonds and notes, can be offered for sale to the public, they first must be registered with ... Read Answer >>
  2. What are the objectives of financial accounting?

    Learn about the principle objectives of financial accounting, including the furnishing of the financial statements for those ... Read Answer >>
  3. When and why were GAAP first established?

    Take a deeper look into the development and purpose of the generally accepted accounting principles, also known as GAAP, ... Read Answer >>
  4. Who enforces GAAP?

    Take a deeper look at the private enforcement mechanisms behind the generally accepted accounting principles for American ... Read Answer >>
Hot Definitions
  1. Yield Curve

    A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but ...
  2. Portfolio

    A portfolio is a grouping of financial assets such as stocks, bonds and cash equivalents, also their mutual, exchange-traded ...
  3. Gross Profit

    Gross profit is the profit a company makes after deducting the costs of making and selling its products, or the costs of ...
  4. Diversification

    Diversification is the strategy of investing in a variety of securities in order to lower the risk involved with putting ...
  5. Intrinsic Value

    Intrinsic value is the perceived or calculated value of a company, including tangible and intangible factors, and may differ ...
  6. Current Assets

    Current assets is a balance sheet item that represents the value of all assets that can reasonably expected to be converted ...
Trading Center