In a speech at the 13th Annual Life Sciences Accounting & Reporting Congress on March 21, 2017, SEC Chief Accountant Wesley Bricker reminded registrants of the importance of implementing the FASB’s new revenue standard1 in a timely manner and of providing the transition disclosures required by SEC Staff Accounting Bulletin (SAB) Topic 11.M (SAB 74)2 before adoption. Mr. Bricker also stressed the key role of internal control over financial reporting (ICFR) in the standard’s successful implementation.
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