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SEC staff plans to scrutinize year-end revenue disclosures

Tammy Whitehouse | November 13, 2018

As companies get closer to their first annual disclosures under new revenue recognition rules, staff members at the Securities and Exchange Commission are stocking up on red pens.

“If we encounter material items that appear to conflict with the standard or material disclosures that are missing, you can expect a comment from the staff,” said Kyle Moffatt, chief accountant in corporation finance at the SEC, speaking at a Financial Executives International conference. “Over the course of the next few months, you will start to see comment letters released, and you’ll see we’re really focused on material items.”

Accounting Standards Codification Topic 606 took effect Jan. 1, 2018, requiring companies to follow a new, five-step method...

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