SEC Clarifies Revenue and Lease Deadlines for Private Entities Included in Public Filings

With transition deadlines fast approaching on new revenue recognition and lease accounting rules from the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC) has opted to clarify some confusion among certain private businesses regarding their specific deadlines for the new standard. Protiviti suggests getting the accounting standard transition process started early to develop an efficient and timely plan, as well as involve internal auditors early and enable them to have a voice at the table.

This article summarizes the clear deadlines for public and private companies and clarifies some of the deadline confusion.