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Financial Reporting Alert 16-3, SEC reminds registrants of best practices for implementing new revenue, lease, and credit loss accounting standards

Published on: Sep 22, 2016

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In two separate venues this week, the SEC staff reminded registrants about best practices to follow in the periods leading up to the adoption of ASU 2014-091 (the “revenue ASU”), ASU 2016-022 (the “lease ASU”), and ASU 2016-133 (the “credit loss ASU”). The staff’s comments, which reiterated themes it has addressed over the past year, focused on internal controls over financial reporting, auditor independence, and disclosures related to implementation activities.

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