On March 7, 2011, the SEC’s Office of the Chief Accountant and Division of Corporate Finance jointly issued Staff Accounting Bulletin (SAB) Number 114, which revises or rescinds portions of the interpretative guidance included in the codification of the SAB Series. The update intends to make the relevant interpretative guidance consistent with current authoritative accounting guidance issued as part of the Financial Accounting Standards Board’s Accounting Standards Codification (FASB ASC). The principal changes involve revision or removal of accounting guidance and other conforming changes to ensure consistency of referencing throughout the SAB Series. The update amends the SAB series to update authoritative accounting literature references to the FASB ASC throughout. Additionally, the update makes several conforming formatting changes for consistency across SAB topics. It is the staff’s position that the changes made were technical in nature and that none of the changes are intended to change the guidance in the SAB series. Due to the number of changes, the entire SAB Series is contained in SAB Number 114. See SAB Number 114 for complete guidance on specific changes.