Regulatory Alerts2018-10-31
SEC Memorandum Circular No. 14 s.2018 Deferring PIC Q&A 2018-12 Implementation for Real Estate Industry
The Securities and Exchange Commission issued this circular to provide relief to the real estate industry by deferring the application of PIC Q&A No. 2018-12 for three years. The deferral allows companies to include land at historical acquisition cost in percentage of completion calculations, include uninstalled materials based on work accomplishment, and ignore significant financing components. This relief applies to real estate transactions until January 1, 2021, when full adoption of the guidance becomes mandatory, with specific disclosure requirements for entities opting for the deferral.
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