SEC Release Nos. 33-10402; 34-81428; IC-32784
SEC Release Nos. 33-10403; 34-81429; IC-32785
SEC Staff Accounting Bulletin No. 116
Mandatory effective dates and early adoption provisions:
For public business entities the effective date for annual periods is the fiscal years beginning after Dec. 15, 2017.
For all other entites the effective date for early adoption is the fiscal years beginning after Dec. 15, 2018.
For public business entities the effective date for interim periods is the fiscal years beginning after Dec. 15, 2017.
For all other entites the effective date for interim periods is the fiscal years beginning after Dec. 15, 2019.
For public business entities the effective date for early adoption is the fiscal years beginning after Dec. 15, 2016.
For all other entites the effective date for early adoption is the fiscal years beginning after Dec. 15, 2016.
The SEC updated revenue recognition guidance for issuers adopting the new revenue standard. In particular, the SEC:
The updated guidance is consistent with and does not change the new revenue model issued by the FASB.
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