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SEC tasks audit committees to set tone for accounting changes

Tammy Whitehouse | October 19, 2017

Audit committees should take note that the Securities and Exchange Commission is putting a lot of faith in them to set the tone for corporate adoption of some major changes about to take place in accounting requirements.

A recent staff speech makes it clear that audit committees are expected to take on a significant leadership role in the collaborative effort necessary for companies to transition to major new accounting standards, beginning with revenue recognition in 2018, followed by leases in 2019 and...

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