The Securities and Exchange Commission is encouraging the Financial Accounting Standards Board to give accountants a long transition period to adjust to the upcoming revenue recognition standards.
Paul Beswick, chief accountant in the SEC’s Office of the Chief Accountant, said at Baruch College’s Financial Reporting Conference in New York on Thursday that an implementation group and long transition period are needed for the new standards. FASB chair Leslie Seidman, who spoke alongside Beswick, said they plan to hold one more joint meeting this month with the International Accounting Standards Board to finalize the long-awaited converged standard for revenue recognition and would probably issue it this summer.
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