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SEC renews calls for revenue disclosures at year-end

Tammy Whitehouse | December 5, 2016

Staff members at the Securities and Exchange Commission continue to beat the drum for robust disclosure at year-end and into 2017 about public company activity to adopt new accounting standards on revenue recognition — even where companies don’t have hard numbers about the expected effect.

The SEC is closely monitoring implementation efforts of the massive new accounting standard, which public companies are required to reflect in financial statements beginning in 2018, said Wesley Bricker, chief accountant at the SEC, in a speech at a national accounting conference. “Clear progress has been made by preparers, but there is more to do,” he said. Bricker pointed to a recent survey that showed the vast majority of public companies were still assessing how they will be affected by the standard and...

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