For the past year, we have been monitoring the progress made by U.S. public companies towards implementation of the new revenue recognition standard known as ASC 606. In December 2016, we looked at companies who were planning to early-adopt the … Continue reading
Category Archives: Regulation Oversight
How Fiscal Year Ends Impact Adoption of ASU 2014-09
For the vast majority of Russell 3000 companies, the deadline to adopt new revenue recognition accounting guidance is fast approaching. Some issuers, however, have more than another whole year to prepare. ASU 2014-09, “Revenue from Contracts with Customers” (codified as ASC … Continue reading
Six Months to New Revenue Standard Deadline
ASC 606 becomes mandatory for all public companies at the end of 2017. A few months ago, we noted that a small number of S&P 500 companies reported their intent to adopt the new standard early; a bold move, considering that ASC … Continue reading
Updated Report on Emerging Growth Companies
The PCAOB recently published a new Report on Emerging Growth Companies (EGCs). The EGC filer status was a provision of the Jumpstart Our Business Startups Acts (JOBS Act) of 2012 which was intended to improve access to capital markets for small … Continue reading
The Impact of SOX on Financial Restatements
With the hint of deregulation in the D.C. air, some sense the opportunity – or risk, depending on your point of view – that major portions of the landmark Sarbanes-Oxley Act of 2002 (SOX) might be open to some revision. … Continue reading
Early Adoption of ASC 606: first glance
In a recently released tool for the Audit Committees, the Center for the Audit Quality stated that it is “urgent that audit committees understand how management is assessing the impact of the new revenue recognition standard”. ASC 606 (which is … Continue reading
White Paper Highlights EGC Characteristics
In a recently released white paper, staff at the Office of Research and Analysis of the PCAOB provided some insight into so-called “Emerging Growth Companies”. Emerging Growth Companies are a relatively new class of SEC registrants. Defined under the JOBS … Continue reading