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Companies should revisit revenue compliance, SEC staff hint

Tammy Whitehouse | October 2, 2018

In the first hint of regulatory response to corporate adoption of new revenue recognition rules, staff at the Securities and Exchange Commission have signaled companies might want to take a second look at their compliance as they approach their first year-end filing under the new standard.

Minutes from the July meeting of the Center for Audit Quality’s SEC Regulations Committee indicate SEC staff members shared their observations from limited reviews so far of companies that are filing quarterly reports reflecting Accounting Standards Codification Topic 606, or ASC 606, the new revenue standard. While it’s too early to consider SEC staff observations to be “trends or otherwise noteworthy,” staff indicated audit committees would be well advised to...

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