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SEC warns companies: don't ask auditors for help on revenue rule

Tammy Whitehouse | November 18, 2016

Here’s a friendly word of caution to companies hoping for help from their auditors in adopting the new revenue recognition standard. They are pretty limited in what they can do.

At a recent Financial Executives International conference on current financial reporting issues, Kevin Stout, senior associate accountant at the Securities and Exchange Commission, said he’s been hearing questions recently about whether auditors can help companies implement the new revenue standard, which takes effect in 2018. Companies reported through a recent survey that many are working through their assessments of how the new rules will affect their financial statements, but a handful are still lagging in getting started on the adoption effort.

As the enormity of the implementation effort becomes clearer and the go-live date gets closer, companies may...

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