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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 guidance included in topic 13 of the SEC’s codification of staff accounting bulletins ( www.sec.gov/interps/account/sab103.htm ) to make it consistent with current authoritative accounting guidance. The SAB’s principal revisions relate to the rescission of material no longer necessary because of private-sector developments in U.S. GAAP.
The AICPA’s accounting and review services committee has issued two exposure drafts (ED) for comment. One, Performance of Review Engagements , would revise various provisions in Statement on Standards for Accounting and Review Services (SSARS) no. 1, Compilation and Review of Financial Statements. The proposed statement would be effective for reviews of financial statements for periods ending on or after December 15, 2004. The other ED, Standards for Accounting and Review Services , establishes a SSARS hierarchy and revises guidance in several earlier statements. It would take effect upon issuance as final. The EDs are available online at www.aicpa.org/members/div/auditstd eds.asp. Comments are due April 11.