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SEC rescinds historic guidance under new revenue rule

Tammy Whitehouse | August 23, 2017

The Securities and Exchange Commission is telling companies its historic staff guidance on revenue recognition will not trump the new revenue standard when it takes effect in 2018.

The SEC issued Staff Accounting Bulletin No. 116 to make its guidance on revenue recognition consistent with the new revenue standard under Accounting Standards Codification Topic 606. And in two additional releases, the staff addresses historic guidance with respect to bill-and-hold arrangements, which is an area that has been ripe for manipulation, and sales into government vaccine stockpiles.

SAB 116 is a slim, five-pager that says, in essence, all...

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