SEC Wants to Know Where You Are at on Revenue Recognition
Members of the SEC and staff gave various presentations at the 2015 AICPA Conference on Current SEC and PCAOB Developments. Much of it contains practical guidance. Speaking to the new accounting standard on revenue recognition, Wesley R. Bricker, Deputy Chief Accountant noted “As companies prepare their annual financial statements over the next couple of months, we are looking forward to reviewing more detailed disclosures about the expected effect the new standard will have on those financial statements. If that effect is still unknown, then in addition to making a statement to that effect, a registrant may consider advising investors when that assessment is expected to be completed. Again, this is about providing useful information to investors who need time to analyze the impact on companies.”
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