June 2000

SEC SAB 101A GIVES REGISTRANTS ADDITIONAL TIME TO IMPLEMENT GUIDANCE ON REVENUE RECOGNITION

In March, the SEC announced that certain registrants can take an additional three months to implement Staff Accounting Bulletin (SAB) No. 101, which provides guidance on the recognition, presentation, and disclosure of revenue in financial statements filed with the SEC.

Since issuing SAB 101 last December, the SEC staff received many requests for additional time to study that guidance. In addition, the staff recognized that companies with calendar fiscal year-ends might need more time to review the SAB. Therefore, registrants whose fiscal years began between December 16, 1999, and March 15, 2000, have the option of implementing SAB 101 in the second quarter of their fiscal year instead of the first, as originally provided in SAB 101. SAB 101A reflects this change.

SAB 101 and 101A are available from www.sec.gov. *



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