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New revenue rule immaterial? Don't overlook disclosure, SEC says

Tammy Whitehouse | May 9, 2017

Companies that consider the new revenue recognition standard to be immaterial to their financial results should also consider whether the required new disclosures are immaterial before disclosing as much to investors. Consider that a warning from the Securities and Exchange Commission.

At a one-day conference on the effort at public companies to adopt the massive new accounting requirements around revenue recognition, companies heard the SEC is concerned not only about the effect of adopting the new rules on the numbers in the financial statements. The effect on disclosures is equally important, said Sylvia Alicea, a professional accounting fellow in the office of the chief accountant at the SEC, at the Deloitte/Bloomberg BNA event.

The SEC has been reminding companies for months to be sure they are following the requirements...

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