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FASB issues ASU amending certain SEC guidance

  • FASB document Image

Oct 02, 2017

The FASB has issued Accounting Standards Update (ASU) No. 2017-13, “Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.”

At the July 20, 2017, EITF meeting, the SEC staff announced that it would not object when certain public business entities (PBEs) elect to use the non-PBE effective dates solely to adopt the FASB’s new standards on revenue (ASC 606) and leases (ASC 842). This ASU reflects comments made by the SEC.

For more in­for­ma­tion, see Deloitte’s July 20, 2017, Heads Up as well as the ASU on the FASB’s Web site.

Correction list for hyphenation

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