Stay current on changes and developments in corporate law with a wide variety of resources and tools.
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.
To contact the reporter on this story: Denise Lugo in New York at firstname.lastname@example.org
To contact the editor responsible for this story: S. Ali Sartipzadeh at email@example.com
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)