Tag: new revenue recognition standard

New revenue recognition standard—are companies overlooking the disclosures?

by Cydney Posner The warnings are everywhere—it’s time to get serious about revenue recognition. The new standard is expected to result in significant changes to measuring, recognizing and reporting of revenue—regarded as the key line item in the financials for most companies. While the impact of the new standard will […]

New revenue recognition standard— don’t ignore the impact on compensation

by Cydney Posner At the recent Bloomberg BNA Conference on Revenue Recognition,  a Deloitte partner observed that, to the extent that, in awarding compensation, companies use metrics that are keyed to revenue, the new revenue recognition standard could affect compensation or bonus plans because the ways of measuring and the […]

Audit committee oversight of the new revenue recognition standard: Center for Audit Quality comes to the rescue

by Cydney Posner As discussed in this PubCo post, the SEC’s Office of the Chief Accountant has continued to beat the drums to encourage companies and their audit committees to hunker down and address the impending effectiveness in 2018 of the new revenue recognition standard, particularly with respect to assessment […]

SEC Chief Accountant and staff speak at AICPA National Conference

by Cydney Posner Earlier this month, at the 2016 AICPA conference on current developments, the SEC’s Chief Accountant and several staff members of his office shared their insights on a variety of key accounting topics, among them the following:

SEC staff continues to admonish companies on problematic use of non-GAAP measures

by Cydney Posner In remarks today before the 2016 Baruch College Financial Reporting Conference, SEC Deputy Chief Accountant Wesley Bricker discussed one of the SEC’s topics du jour, non-GAAP reporting.  Recently, the SEC and staff (Chair White, Chief Accountant James Schnurr, Corp Fin Director Keith Higgins) have been barnstorming the […]

SEC Chief Accountant addresses the new revenue recognition standard in the context of the life sciences industry

by Cydney Posner In late March, SEC Chief Accountant, James Schnurr, delivered remarks before the 12th Annual Life Sciences Accounting and Reporting Congress.   The remarks addressed the new revenue recognition standard and internal control over financial reporting as applied in particular to life sciences companies, and also cautioned companies regarding […]

Are companies making progress in preparing for the new revenue recognition standard?

by Cydney Posner As former Corp Fin Director John White observed during the PLI Securities Regulation Institute last week, the new revenue recognition standard will represent a massive change for many companies. Perhaps with that in mind, SEC Chief Accountant James Schnurr, in an October speech before the UCI Audit Committee […]