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By Denise Lugo
Nov. 7 — The Securities and Exchange Commission continues to review prior revenue accounting and auditing enforcement releases like its Stewart Parness decision on “bill and hold” sales, as well as its release on vaccine sales, SEC Acting Chief Accountant Wesley Bricker said.
SEC staff is reviewing its own revenue guidance to provide clarity on future of the guidance in the near term, Bricker said at the Financial Accounting Standards Board’s revenue transition resource group (TRG) meeting Nov. 7.
In the meantime, the rules continue to be relevant to existing revenue reporting before changing to the new revenue standard, he said.
The new revenue rules, Revenue from Contracts with Customers (ASC 606), were issued by the Financial Accounting Standards Board in May 2014. The standard takes effect in 2018 but can also be adopted next year.
Bricker’s comments were to provide an update of ongoing reviews being done on Staff Accounting Bulletin 13, Revenue Recognition, and other SEC revenue releases, within the context of the new revenue standard.
The review already has resulted in announcements and directives. The SEC staff at FASB’s March 3 Emerging Issues Task Force meeting updated its historical SEC observer comments to clarify that the commission’s prior comments of the staff accounting bulletin wouldn’t apply after the effective date of the new standard.
Moreover, at the EITF’s September meeting, SEC staff communicated its views about both quantitative and qualitative disclosures that companies should provide during the transition period to the new standard.
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