The Securities and Exchange Commission has released a staff accounting bulletin to conform its existing staff guidance to the new revenue recognition standard that takes effect for public companies at the end of the year.
The new revenue recognition standard is classified as Topic 606 in the Financial Accounting Standards Board’s Accounting Standards Codification. The old revenue recognition it’s replacing is classified as ASC Topic 13, and the SEC said Topic 13 is no longer applicable when a registrant adopts ASC Topic 606.
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