82 FR 41147 - Commission Guidance Regarding Revenue Recognition for Bill-and-Hold Arrangements
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 166 (August 29, 2017)
Federal Register Volume 82, Issue 166 (August 29, 2017)
| Page Range | 41147-41149 | |
| FR Document | 2017-17913 |
[Federal Register Volume 82, Number 166 (Tuesday, August 29, 2017)] [Rules and Regulations] [Pages 41147-41149] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-17913] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 231, 241, and 271 [Release Nos. 33-10402; 34-81428; IC-32784] Commission Guidance Regarding Revenue Recognition for Bill-and- Hold Arrangements AGENCY: Securities and Exchange Commission. ACTION: Interpretation. ----------------------------------------------------------------------- SUMMARY: The Commission is publishing this interpretive release in order to bring existing guidance into conformity with Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. Upon adoption of Accounting Standards Codification Topic 606, registrants should no longer rely on the guidance in Securities Exchange Act Release No. 23507 and Accounting and Auditing Enforcement Release No. 108, In the Matter of Stewart Parness, which set forth the criteria to be met in order to recognize revenue when delivery has not occurred. DATES: Effective: August 29, 2017. FOR FURTHER INFORMATION CONTACT: Kevin L. Vaughn, Senior Associate Chief Accountant, or Joseph R. Epstein, Professional Accounting Fellow, Office of the Chief Accountant, at (202) 551-5300, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-6561. Inquiries about this interpretive release also can be directed to [email protected]. SUPPLEMENTARY INFORMATION: I. Background In 1986, in Securities Exchange Act Release No. 23507 and Accounting and Auditing Enforcement Release No. 108, In the Matter of Stewart Parness (``AAER 108''), the Commission set forth criteria to be met in order to recognize revenue when delivery has not occurred (commonly referred to as ``bill-and-hold'').\1\ The Commission staff reiterated this guidance in Staff Accounting Bulletin (``SAB'') Topic 13, Revenue Recognition. SAB Topic 13 expressed the staff's views on the basic principles of revenue recognition in then-existing generally accepted accounting principles and summarized in one location the existing guidance on revenue recognition to make that guidance more accessible to registrants and their auditors. --------------------------------------------------------------------------- \1\ See In the Matter of Stewart Parness, AAER 108 (Aug. 5, 1986). --------------------------------------------------------------------------- II. The Application of Generally Accepted Accounting Principles for Revenue Recognition Related to Bill-and-Hold Arrangements The Commission historically has recognized pronouncements of the Financial Accounting Standards Board (``FASB'') as authoritative in the absence of any contrary determination by the Commission.\2\ In Financial Reporting Release No. 70,\3\ the Commission stated its determination that the FASB and its parent organization, the Financial Accounting Foundation, satisfied the criteria in Section 19(b) of the Securities Act of 1933 \4\ and, accordingly, FASB's financial accounting and reporting standards are recognized as ``generally accepted'' for purposes of the federal [[Page 41148]] securities laws. As a result, registrants are required to comply with those standards in preparing financial statements filed with the Commission, unless the Commission provides otherwise.\5\ --------------------------------------------------------------------------- \2\ Rule 4-01(a)(1) of Regulation S-X, 17 CFR 210.4-01(a)(1). See Accounting Series Release (``ASR'') No. 150 (Dec. 20, 1973) and ASR No. 4 (Apr. 25, 1938). \3\ Policy Statement: Reaffirming the Status of the FASB as a Designated Private-Sector Standard Setter, Release Nos. 33-8221; 34- 47743; IC-26028; FR-70 (Apr. 25, 2003) (``FR-70''); 68 FR 23333 (May 1, 2003). \4\ 15 U.S.C. 77s(b). \5\ See FR-70; Rule 4-01(a)(1) of Regulation S-X, 17 CFR 210.4- 01(a)(1). --------------------------------------------------------------------------- The FASB has issued comprehensive revenue recognition guidance in Accounting Standards Codification (``ASC'') Topic 606, Revenues from Contracts with Customers (``ASC Topic 606''), which supersedes most previous revenue recognition guidance issued by the FASB. Under ASC Topic 606, the general criteria for revenue recognition includes identifying the contract(s) with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract, and recognizing revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service to a customer.\6\ A good or service is transferred when (or as) the customer obtains control of that good or service, and ASC Topic 606 sets forth indicators of when control has been transferred.\7\ --------------------------------------------------------------------------- \6\ See ASC paragraph 606-10-05-04. \7\ See ASC paragraphs 606-10-25-23 through 25-30. --------------------------------------------------------------------------- ASC Topic 606 also provides specific guidance on contracts under which an entity bills a customer for a product but the entity retains physical possession of the product until it is transferred to the customer at a point in time in the future (i.e., a bill-and-hold arrangement).\8\ ASC Topic 606 acknowledges that, for some contracts, a customer may obtain control of a product even though that product remains in an entity's physical possession.\9\ In order to recognize revenue in a bill-and-hold arrangement, ASC Topic 606 requires consideration of the indicators of when control has been transferred and sets forth additional criteria to be met.\10\ --------------------------------------------------------------------------- \8\ See ASC paragraphs 606-10-55-81 through 55-84. \9\ See ASC paragraph 606-10-55-82. \10\ See ASC paragraph 606-10-55-83. --------------------------------------------------------------------------- III. Updated Commission Guidance In light of the FASB's issuance of ASC Topic 606, upon a registrant's adoption of ASC Topic 606, it should no longer refer to the guidance in AAER 108 related to recognizing revenue in a bill-and- hold arrangement because ASC Topic 606 provides specific guidance on recognizing revenue for those arrangements. The updated Commission guidance set forth in this interpretation is applicable upon a registrant's adoption of ASC Topic 606 and applies to all arrangements for which revenue is recognized in accordance with ASC Topic 606. Prior to a registrant's adoption of ASC Topic 606, the guidance in Securities Exchange Act Release No. 23507 and AAER 108 is still applicable to all arrangements for which revenue is recognized. List of Subjects in 17 CFR Parts 231, 241, and 271 Accounting, Securities. Amendments to the Code of Federal Regulations For the reasons set out in the preamble, the Commission is amending title 17, chapter II of the Code of Federal Regulations as set forth below: PART 231--INTERPRETATIVE RELEASES RELATING TO THE SECURITIES ACT OF 1933 AND GENERAL RULES AND REGULATIONS THEREUNDER 0 1. Part 231 is amended by adding an entry for Release No. 33-10402 at the end of the table to read as follows: ---------------------------------------------------------------------------------------------------------------- Subject Release No. Date Fed. Reg. vol. and page ---------------------------------------------------------------------------------------------------------------- * * * * * * * Commission Guidance Regarding Revenue 33-10402 Aug. 18, 2017.......... [INSERT Federal Recognition for Bill-and-Hold Register CITATION]. Arrangements. ---------------------------------------------------------------------------------------------------------------- PART 241--INTERPRETATIVE RELEASES RELATING TO THE SECURITIES EXCHANGE ACT OF 1934 AND GENERAL RULES AND REGULATIONS THEREUNDER 0 2. Part 241 is amended by adding an entry for Release No. 34-81428 at the end of the table to read as follows: ---------------------------------------------------------------------------------------------------------------- Subject Release No. Date Fed. Reg. vol. and page ---------------------------------------------------------------------------------------------------------------- * * * * * * * Commission Guidance Regarding Revenue 34-81428 Aug. 18, 2017.......... [INSERT Federal Recognition for Bill-and-Hold Register CITATION]. Arrangements. ---------------------------------------------------------------------------------------------------------------- PART 271--INTERPRETATIVE RELEASES RELATING TO THE INVESTMENT COMPANY ACT OF 1940 AND GENERAL RULES AND REGULATIONS THEREUNDER 0 3. Part 271 is amended by adding an entry for Release No. IC-32784 at the end of the table to read as follows: [[Page 41149]] ---------------------------------------------------------------------------------------------------------------- Subject Release No. Date Fed. Reg. vol. and page ---------------------------------------------------------------------------------------------------------------- * * * * * * * Commission Guidance Regarding Revenue IC-32784 Aug. 18, 2017.......... [INSERT Federal Recognition for Bill-and-Hold Register CITATION]. Arrangements. ---------------------------------------------------------------------------------------------------------------- By the Commission. Dated: August 18, 2017. Jill M. Peterson, Assistant Secretary. [FR Doc. 2017-17913 Filed 8-28-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Rules and Regulations 41147
or as an agent (on a net basis) as well guidance regarding the identification of forth the criteria to be met in order to
as presentation of the effects of performance obligations in a contract recognize revenue when delivery has
financing in the statement of with a customer, presentation of not occurred.
comprehensive income, which revenue as a principal (on a gross basis) DATES: Effective: August 29, 2017.
eliminates the need for the guidance in or as an agent (on a net basis) as well FOR FURTHER INFORMATION CONTACT:
Topic 8. Prior to adoption of ASC Topic as presentation of the effects of Kevin L. Vaughn, Senior Associate Chief
606, registrants should continue to refer financing in the statement of Accountant, or Joseph R. Epstein,
to prior Commission and staff guidance comprehensive income, which Professional Accounting Fellow, Office
on revenue recognition topics. eliminates the need for the guidance in of the Chief Accountant, at (202) 551–
3. Topic 11: Miscellaneous Disclosure Topic 8. Prior to adoption of ASC Topic 5300, U.S. Securities and Exchange
606, registrants should continue to refer Commission, 100 F Street NE.,
a. Topic 11.A is modified to clarify to prior Commission and staff guidance
that revenues from operating-differential Washington, DC 20549–6561. Inquiries
on revenue recognition topics. about this interpretive release also can
subsidies presented under a revenue
* * * * * be directed to oca@sec.gov.
caption should be presented separately
from revenue from contracts with Topic 11.A. Operating-Differential SUPPLEMENTARY INFORMATION:
customers accounted for under ASC Subsidies I. Background
Topic 606. Previously, Topic 11.A Facts: Company A has received an
provided the staff’s view that revenues In 1986, in Securities Exchange Act
operating-differential subsidy pursuant Release No. 23507 and Accounting and
from operating-differential subsidies be to the Merchant Marine Act of 1936, as
presented as a separate line item in the Auditing Enforcement Release No. 108,
amended. In the Matter of Stewart Parness
income statement either under a Question: How should such subsidies
revenue caption or as credit in the costs (‘‘AAER 108’’), the Commission set forth
be displayed in the statement of criteria to be met in order to recognize
and expenses section. comprehensive income?
Accordingly, the staff hereby amends revenue when delivery has not occurred
Interpretive Response: Revenue (commonly referred to as ‘‘bill-and-
the Staff Accounting Bulletin Series as representing an operating-differential
follows: hold’’).1 The Commission staff reiterated
subsidy under the Merchant Marine Act this guidance in Staff Accounting
* * * * * of 1936, as amended, must be set forth Bulletin (‘‘SAB’’) Topic 13, Revenue
Topic 13: Revenue Recognition as a separate line item in the statement Recognition. SAB Topic 13 expressed
of comprehensive income either under a the staff’s views on the basic principles
* * * * * revenue caption presented separately of revenue recognition in then-existing
C. Impact of a Registrant’s Adoption of from revenue from contracts with generally accepted accounting
FASB ASC Topic 606, Revenue From customers accounted for under ASC principles and summarized in one
Contracts With Customers Topic 606 or as a credit in the costs and location the existing guidance on
expenses section. revenue recognition to make that
Topic 13 is no longer applicable upon
a registrant’s adoption of ASC Topic * * * * * guidance more accessible to registrants
[FR Doc. 2017–17912 Filed 8–28–17; 8:45 am] and their auditors.
606. Topic 13 provides the staff’s views
regarding the general revenue BILLING CODE 8011–01–P
II. The Application of Generally
recognition guidance codified in ASC Accepted Accounting Principles for
Topic 605. ASC Topic 606 provides a Revenue Recognition Related to Bill-
single set of revenue recognition SECURITIES AND EXCHANGE
COMMISSION and-Hold Arrangements
principles governing all contracts with
customers and supersedes the revenue The Commission historically has
17 CFR Parts 231, 241, and 271 recognized pronouncements of the
recognition framework in ASC Topic
605, which eliminates the need for [Release Nos. 33–10402; 34–81428; IC– Financial Accounting Standards Board
Topic 13. Prior to adoption of ASC 32784] (‘‘FASB’’) as authoritative in the absence
Topic 606, registrants should continue of any contrary determination by the
Commission Guidance Regarding Commission.2 In Financial Reporting
to refer to prior Commission and staff
Revenue Recognition for Bill-and-Hold Release No. 70,3 the Commission stated
guidance on revenue recognition topics.
Arrangements its determination that the FASB and its
* * * * *
AGENCY: Securities and Exchange parent organization, the Financial
Topic 8: Retail Companies Commission. Accounting Foundation, satisfied the
* * * * * ACTION: Interpretation.
criteria in Section 19(b) of the Securities
Act of 1933 4 and, accordingly, FASB’s
C. Impact of a Registrant’s Adoption of SUMMARY: The Commission is financial accounting and reporting
FASB ASC Topic 606, Revenue From publishing this interpretive release in standards are recognized as ‘‘generally
Contracts With Customers order to bring existing guidance into accepted’’ for purposes of the federal
Topic 8 is no longer applicable upon conformity with Financial Accounting
a registrant’s adoption of ASC Topic Standards Board Accounting Standards 1 See In the Matter of Stewart Parness, AAER 108
606. Topic 8 provides the staff’s views Codification Topic 606, Revenue from (Aug. 5, 1986).
2 Rule 4–01(a)(1) of Regulation S–X, 17 CFR
regarding (i) the prohibition of Contracts with Customers. Upon
sradovich on DSK3GMQ082PROD with RULES3
210.4–01(a)(1). See Accounting Series Release
presenting sales of a leased or licensed adoption of Accounting Standards (‘‘ASR’’) No. 150 (Dec. 20, 1973) and ASR No. 4
department within a retailer’s statement Codification Topic 606, registrants (Apr. 25, 1938).
of comprehensive income consistent should no longer rely on the guidance 3 Policy Statement: Reaffirming the Status of the
with the principles codified within ASC in Securities Exchange Act Release No. FASB as a Designated Private-Sector Standard
Setter, Release Nos. 33–8221; 34–47743; IC–26028;
Subtopic 605–45 and (ii) the disclosure 23507 and Accounting and Auditing FR–70 (Apr. 25, 2003) (‘‘FR–70’’); 68 FR 23333 (May
of finance charges imposed by retailers Enforcement Release No. 108, In the 1, 2003).
on credit sales. ASC Topic 606 provides Matter of Stewart Parness, which set 4 15 U.S.C. 77s(b).
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![41148 Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Rules and Regulations
securities laws. As a result, registrants ASC Topic 606 also provides specific of ASC Topic 606 and applies to all
are required to comply with those guidance on contracts under which an arrangements for which revenue is
standards in preparing financial entity bills a customer for a product but recognized in accordance with ASC
statements filed with the Commission, the entity retains physical possession of Topic 606. Prior to a registrant’s
unless the Commission provides the product until it is transferred to the adoption of ASC Topic 606, the
otherwise.5 customer at a point in time in the future guidance in Securities Exchange Act
(i.e., a bill-and-hold arrangement).8 ASC Release No. 23507 and AAER 108 is still
The FASB has issued comprehensive Topic 606 acknowledges that, for some applicable to all arrangements for which
revenue recognition guidance in contracts, a customer may obtain control revenue is recognized.
Accounting Standards Codification of a product even though that product
(‘‘ASC’’) Topic 606, Revenues from remains in an entity’s physical List of Subjects in 17 CFR Parts 231,
Contracts with Customers (‘‘ASC Topic possession.9 In order to recognize 241, and 271
606’’), which supersedes most previous revenue in a bill-and-hold arrangement, Accounting, Securities.
revenue recognition guidance issued by ASC Topic 606 requires consideration of
the FASB. Under ASC Topic 606, the the indicators of when control has been Amendments to the Code of Federal
general criteria for revenue recognition transferred and sets forth additional Regulations
includes identifying the contract(s) with criteria to be met.10
a customer, identifying the performance For the reasons set out in the
III. Updated Commission Guidance preamble, the Commission is amending
obligations in the contract, determining
In light of the FASB’s issuance of ASC title 17, chapter II of the Code of Federal
the transaction price, allocating the
Topic 606, upon a registrant’s adoption Regulations as set forth below:
transaction price to the performance
of ASC Topic 606, it should no longer
obligations in the contract, and PART 231—INTERPRETATIVE
refer to the guidance in AAER 108
recognizing revenue when (or as) the RELEASES RELATING TO THE
related to recognizing revenue in a bill-
entity satisfies a performance obligation and-hold arrangement because ASC SECURITIES ACT OF 1933 AND
by transferring a promised good or Topic 606 provides specific guidance on GENERAL RULES AND REGULATIONS
service to a customer.6 A good or service recognizing revenue for those THEREUNDER
is transferred when (or as) the customer arrangements.
obtains control of that good or service, The updated Commission guidance ■ 1. Part 231 is amended by adding an
and ASC Topic 606 sets forth indicators set forth in this interpretation is entry for Release No. 33–10402 at the
of when control has been transferred.7 applicable upon a registrant’s adoption end of the table to read as follows:
Subject Release No. Date Fed. Reg. vol. and page
* * * * * * *
Commission Guidance Regarding Revenue Recognition 33–10402 Aug. 18, 2017 ..................... [INSERT Federal Register CITATION].
for Bill-and-Hold Arrangements.
PART 241—INTERPRETATIVE
RELEASES RELATING TO THE
SECURITIES EXCHANGE ACT OF 1934
AND GENERAL RULES AND
REGULATIONS THEREUNDER
■ 2. Part 241 is amended by adding an
entry for Release No. 34–81428 at the
end of the table to read as follows:
Subject Release No. Date Fed. Reg. vol. and page
* * * * * * *
Commission Guidance Regarding Revenue Recognition 34–81428 Aug. 18, 2017 ..................... [INSERT Federal Register CITATION].
for Bill-and-Hold Arrangements.
PART 271—INTERPRETATIVE
RELEASES RELATING TO THE
INVESTMENT COMPANY ACT OF 1940 ■ 3. Part 271 is amended by adding an
AND GENERAL RULES AND entry for Release No. IC–32784 at the
sradovich on DSK3GMQ082PROD with RULES3
REGULATIONS THEREUNDER end of the table to read as follows:
5 See FR–70; Rule 4–01(a)(1) of Regulation S–X, 7 See ASC paragraphs 606–10–25–23 through 25– 9 See ASC paragraph 606–10–55–82.
17 CFR 210.4–01(a)(1). 30. 10 See ASC paragraph 606–10–55–83.
6 See ASC paragraph 606–10–05–04. 8 See ASC paragraphs 606–10–55–81 through 55–
84.
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![Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Rules and Regulations 41149
Subject Release No. Date Fed. Reg. vol. and page
* * * * * * *
Commission Guidance Regarding Revenue Recognition IC–32784 Aug. 18, 2017 ..................... [INSERT Federal Register CITATION].
for Bill-and-Hold Arrangements.
By the Commission. SUPPLEMENTARY INFORMATION: reasons, the Commission continues to
Dated: August 18, 2017. limit this guidance to the vaccines
I. Introduction
Jill M. Peterson, enumerated below.
Assistant Secretary. The Securities and Exchange
Commission (‘‘Commission’’) continues II. The Application of Generally
[FR Doc. 2017–17913 Filed 8–28–17; 8:45 am] Accepted Accounting Principles for
to be committed, as stated in previously-
BILLING CODE 8011–01–P
issued guidance (the ‘‘2005 Release’’),1 Revenue Recognition to Vaccine
to addressing any unintended Stockpiles
SECURITIES AND EXCHANGE consequences of accounting The Commission historically has
COMMISSION requirements that could impair the recognized pronouncements of the
nation’s ability to create and maintain FASB as authoritative in the absence of
17 CFR Parts 231, 241, and 271 sufficient supplies of various vaccines any contrary determination by the
and bioterror countermeasures Commission.3 In Financial Reporting
[Release Nos. 33–10403; 34–81429; IC–
32785] (‘‘enumerated vaccines’’). The Release No. 70,4 the Commission stated
Commission issued the 2005 Release to its determination that the FASB and its
Updates to Commission Guidance address questions about the timing of parent organization, the Financial
Regarding Accounting for Sales of revenue recognition for vaccines placed Accounting Foundation, satisfied the
Vaccines and Bioterror into the Vaccines for Children Program criteria in Section 19(b) of the Securities
Countermeasures to the Federal and the Strategic National Stockpile. At Act of 1933 5 and, accordingly, FASB’s
Government for Placement Into the the time of the 2005 Release, some financial accounting and reporting
Pediatric Vaccine Stockpile or the expressed concerns that the application standards are recognized as ‘‘generally
Strategic National Stockpile of generally accepted accounting accepted’’ for purposes of the federal
principles may require revenue securities laws. As a result, registrants
AGENCY: Securities and Exchange recognition to be delayed beyond the are required to comply with those
Commission. period in which the vaccine is placed in standards in preparing financial
ACTION: Interpretation. the stockpile, and may have an statements filed with the Commission,
SUMMARY: The Securities and Exchange unintended consequence of causing unless the Commission provides
Commission is publishing this some vaccine manufacturers to decline otherwise.6
interpretive release to update previously to participate in these critical stockpile Although no specific guidance has
issued guidance with respect to programs. The Commission published been published by the FASB related to
accounting for sales of vaccines and the guidance in the 2005 Release to revenue recognition for vaccine
bioterror countermeasures to the Federal resolve the accounting questions. With stockpiles, the FASB has issued
Government for placement into the Financial Accounting Standards comprehensive revenue recognition
stockpiles related to the Vaccines for Board’s (‘‘FASB’’) issuance of guidance in ASC Topic 606, which
Children Program or the Strategic Accounting Standards Codification supersedes most previous revenue
National Stockpile. This update is being (‘‘ASC’’) Topic 606, Revenues from recognition guidance issued by the
provided to bring existing guidance into Contracts with Customers (‘‘ASC Topic FASB.
conformity with Financial Accounting 606’’),2 we are providing this updated In response to the new,
Standards Board’s Accounting guidance. comprehensive revenue recognition
Standards Codification Topic 606, Government vaccine stockpile model in ASC Topic 606, simultaneous
Revenue from Contracts with programs are unique in many respects. with publication of this release, the
Customers. This guidance is applicable For example, the primary objective of Commission has issued an
upon a registrant’s adoption of purchasing the vaccines is not to take interpretation stating 7 that upon the
Accounting Standards Codification delivery for ultimate use but rather to be registrant’s adoption of ASC Topic 606,
Topic 606 and is applicable to all able to require immediate delivery on such registrant should no longer rely on
arrangements for which revenue is notice. An additional characteristic of the guidance in Securities Exchange Act
recognized in accordance with vaccine stockpiles is the limited shelf Release No. 23507 and Accounting and
Accounting Standards Codification life of the vaccines. For these and other
3 Rule 4–01(a)(1) of Regulation S–X, 17 CFR
Topic 606. 210.4–01(a)(1). See Accounting Series Release
1 See Commission Guidance Regarding
DATES: Effective: August 29, 2017. (‘‘ASR’’) No. 150 (Dec. 20, 1973) and ASR No. 4
Accounting for Sales of Vaccines and Bioterror
FOR FURTHER INFORMATION CONTACT: Countermeasures to the Federal Government for (Apr. 25, 1938).
4 Policy Statement: Reaffirming the Status of the
Kevin L. Vaughn, Senior Associate Chief Placement into the Pediatric Vaccine Stockpile or
the Strategic National Stockpile, Release No. 33– FASB as a Designated Private-Sector Standard
Accountant, or Joseph R. Epstein,
sradovich on DSK3GMQ082PROD with RULES3
8642 (Dec. 5, 2005). Setter, Release Nos. 33–8221; 34–47743; IC–26028;
Professional Accounting Fellow, Office 2 The International Accounting Standards Board FR–70 (Apr. 25, 2003) (‘‘FR–70’’); 68 FR 23333 (May
of the Chief Accountant, at (202) 551– (IASB) has also issued IFRS 15, Revenue from 1, 2003).
5 15 U.S.C. 77s(b).
5300, U.S. Securities and Exchange Contracts with Customers (IFRS 15). The issuance
6 See FR–70; Rule 4–01(a)(1) of Regulation S–X,
Commission, 100 F Street NE., of ASC Topic 606 and IFRS 15 completes the joint
effort by the FASB and IASB that was undertaken 17 CFR 210.4–01(a)(1).
Washington, DC 20549–6561. Inquiries with the intent of improving financial reporting by 7 Commission Guidance Regarding Revenue
about this interpretive release also can creating converged comprehensive revenue Recognition for Bill-and-Hold Arrangements,
be directed to oca@sec.gov. recognition guidance for U.S. GAAP and IFRS. Release No. 33–10402 (Aug. 18, 2017).
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Document Created: 2017-08-29 01:57:58
Document Modified: 2017-08-29 01:57:58
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Interpretation. | |
| Dates | Effective: August 29, 2017. | |
| Contact | Kevin L. Vaughn, Senior Associate Chief Accountant, or Joseph R. Epstein, Professional Accounting Fellow, Office of the Chief Accountant, at (202) 551-5300, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-6561. Inquiries about this interpretive release also can be directed to [email protected] | |
| FR Citation | 82 FR 41147 | |
| CFR Citation | 17
CFR
231 17 CFR 241 17 CFR 271 | |
| CFR Associated | Accounting and Securities |
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