The Securities and Exchange Commission releases Staff Accounting Bulletin (SAB) no. 104, Revenue Recognition (www.sec.gov/interps/account/sab104.pdf).* The Securities and Exchange Commission releases Staff Accounting Bulletin (SAB) no. 104, Revenue Recognition (www.sec.gov/interps/account/sab104.pdf), which updates portions of the interpretative in·ter·pre·ta·tive adj. Variant of interpretive. in·ter  pre·ta guidance included in topic 13 of the SEC's codification The collection and systematic arrangement, usually by subject, of the laws of a state or country, or the statutory provisions, rules, and regulations that govern a specific area or subject of law or practice. of staff accounting bulletins (www.sec.gov/interps/account/sab103code.htm) to make it consistent with current authoritative accounting guidance. The SAB's principal revisions relate to the rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement of material no longer necessary because of private-sector developments in U.S. GAAP GAAPSee: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . |
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