Alert

SEC Staff Provides More Time for Some Public Business Entities to Transition to New Revenue Recognition and Lease Guidance

August 10, 2017
LinkedIn Share Button Twitter Share Button Other Share Button

On July 20, 2017, at the meeting of the Financial Accounting Standards Board’s (FASB) Emerging Issues Task Force, the SEC Observer announced guidance relating to the transition effective date for Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and ASU 2016-02, Leases (Topic 842), for certain public business entities.

The effective dates for Topic 606 and Topic 842 are outlined in the table below.

Transition Effective Dates

The SEC Observer announced that the SEC wouldn’t object if an entity that includes or is required to include its financial statements or financial information in another entity’s filing with the SEC, but would otherwise not meet the definition of a public business entity, uses the transition effective dates for all other entities. This decision to use the transition effective dates for all other entities is optional.

We’re Here to Help

For any questions or to better understand how this announcement may affect your business, contact your Moss Adams professional.

Ask a Question

The material appearing in this communication is for informational purposes only and should not be construed as legal, accounting, tax, or investment advice or opinion provided by Moss Adams LLP or its affiliates. This information is not intended to create, and receipt does not constitute, a legal relationship, including, but not limited to, an accountant-client relationship. Although these materials have been prepared by professionals, the user should not substitute these materials for professional services, and should seek advice from an independent advisor before acting on any information presented. Moss Adams LLP and its affiliates assume no obligation to provide notification of changes in tax laws or other factors that could affect the information provided.

Related Topics

Guide
Revenue Recognition Guide
Learn more about each step in the revenue recognition process under US generally accepted accounting principles.
Guide
Guide
Lease Accounting Guide
Learn to adapt your leasing arrangements based on the Accounting Standards Update 2016-02, Leases.
Guide
Alert
FASB Moves Forward with Proposal to Defer Revenue Recognition Changes
The Financial Accounting Standards Board voted to issue a proposal that would defer the effective date for the new revenue recognition standard by one year for both public and nonpublic entities. Details and proposed effective dates in this Alert.
Alert
View More

Contact Us with Questions