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SEC Frets Over Split in Revenue Recognition Adoption Efforts

Tammy Whitehouse | September 22, 2015

Looking for consistency in application of the new revenue recognition standard, staff at the Securities and Exchange Commission are warning companies to be careful how they arrive at the many new judgments required under the new rules.

Wesley Bricker, deputy chief accountant at the SEC, said in a recent speech that the standard will lead to reporting that is consistent, relevant to investors, and faithful to the underlying economics of transactions if companies do their homework and apply appropriate professional judgment. “The mere hope to achieve the promise of a single standard will not be sufficient,” he said. He called on companies to move forward with implementation efforts “without delay” by understanding the key principles of the new standard and how they apply to a...

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