The Securities and Exchange Commission (SEC) reviewed and approved the Financial Accounting Standards Board's (FASB) 2025 annual accounting support fee. This fee is used to fund the FASB's operations, as required by the Sarbanes-Oxley Act of 2002. The Commission also checked that additional revenue sources, like publications, do not impact FASB's independence. The Office of Management and Budget decided that this fee is subject to budget cuts under the Budget Control Act of 2011, and the SEC expects collaboration with the Financial Accounting Foundation to manage these cuts effectively.
Simple Explanation
The SEC checked and agreed on the money FASB needs to do its work in 2025, making sure that any extra money they make on the side doesn't affect their fairness. The government has rules about cutting budgets, so they’ll work together to handle any needed cuts.