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SEC Working on Revenue Recognition Guidance

Tammy Whitehouse | August 25, 2014

The Securities and Exchange Commission isn’t showing its cards just yet, but it is working on guidance related to a new standard on revenue recognition to address burning questions over whether companies will be required to recast five years worth of revenue data under the new standard.

In a meeting earlier this summer with the SEC Regulations Committee of the Center for Audit Quality, SEC staff members indicated they are “close to finalizing guidance” on whether the staff will provide relief on the disclosure requirements for the five-year selected financial data table if companies choose to adopt the standard retrospectively. The SEC indicated it is taking a complete look at areas outside of financial statements that might be affected by the new standard.

The Financial Accounting Standards Board adopting a comprehensive new accounting standard that requires a completely...

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