Today the SEC adopted (on a 3 - 2 vote) amendments to Regulation S-K (Items 301, 302, and 303) to update, simplify and enhance the MD&A and other financial disclosure requirements. The majority of the amendments were adopted as proposed in January (reported on here). The Society's comment letter filed in June 2020 was generally supportive of the proposal. A table on pages 8 - 9 of the rule release (pages 12 - 13 of the proposing release) summarizes the amendments compared to current requirements.
The final rules are effective 30 days after publication in the Federal Register. The mandatory compliance date is the first fiscal year ending on or after the date that is 210 days after publication in the Federal Register; however, voluntary early compliance is permitted any time after the effective date.
See the SEC's release and Fact Sheet; this dissenting Joint Statement from SEC Commissioner Allison Lee and Caroline Crenshaw; and additional resources on our Disclosure Reform page » MD&A - Regulation S-K Items 301, 302, 303.