Defining Issues | August 2017

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

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