Sep 16, 2014
From the Financial Reporting Network
The SEC staff recently stated that it will not object if registrants that apply the new revenue recognition standard retrospectively only apply it to the periods covered by the financial statements. Under Regulation S-K registrants are required to disclose at least five years of selected financial data to highlight significant trends in financial condition and the results of operations. SEC staff guidance indicates that it generally expects all periods presented in selected financial data to be presented on a consistent basis with the financial statements.