SEC staff comments on implementation of new accounting standards

Applicability

SEC Speech: Addressing implementation matters to improve financial reporting

• All companies

Relevant dates

• Effective immediately

Key impacts

• Now is the time to make implementation efforts a priority.
• Successful implementations require adequate time dedicated to developing new or changed internal controls, informative transition disclosures, new required disclosures, and well-reasoned accounting judgments.
• Audit committees play a critical role in the adoption process.

Report contents

• Applicability
• Key facts and impacts
• The time is now
• Internal controls over financial reporting
• SAB 74 disclosures
• New disclosures
• Reasonable judgment and SEC pre-filing consultations
• Audit committee responsibilities
• Effective dates and implementation resources

Related content

• Handbook: Revenue recognition
• Handbook: Leases