The Accounting Policy & Practice Report ® provides financial accounting policy makers, advisors, and practitioners with the latest news, expert insights, and guidance on emerging, evolving,...
By Todd Cheney
Securities and Exchange Commission Chief Accountant Wesley Bricker said the agency will carefully watch how well companies disclose the impact of accounting rules that are approved but not yet implemented, required by Staff Accounting Bulletin 74.
Bricker also discussed why companies will receive regulatory assistance with the new lease accounting rules and how the agency will monitor the accounting impacts of the new tax reform law in an interview videotaped Dec. 6 at the American Institute of CPAs’ Conference on Current SEC and PCAOB Developments.
Watch the interview at: https://www.bna.com/chief-accountant-bricker-m73014474028/.
SAB 74 disclosures “play a way for investors to get insight about the accounting changes that companies are in the process of implementing,” Bricker said. “Those disclosure requirements are requirements we follow very closely and reviewing compliance with commission rules and regulations in the course of our normal reviews.”
On tax reform, Bricker said that “law changes can have a fairly significant impact on corporate tax obligated entities.”
Companies must be aware that reporting to meet generally accepted accounting principles begins when tax laws are enacted. “That is the point and period at which the effects of tax law changes should be incorporated into their financial reporting,” Bricker said.
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