Regulatory Alerts2017-08-29 | 2017-17914Added
Updates to Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror Countermeasures to the Federal Government for Placement Into the Pediatric Vaccine Stockpile or the Strategic National Stockpile
The Securities and Exchange Commission updates its interpretive guidance to align accounting for sales of vaccines and bioterror countermeasures to the Federal Government with the new Financial Accounting Standards Board standard ASC Topic 606. The Commission determines that revenue recognition is appropriate when enumerated vaccines are placed into the Pediatric Vaccine Stockpile or the Strategic National Stockpile because control transfers to the government under bill-and-hold criteria. This guidance applies to all arrangements where revenue is recognized in accordance with ASC Topic 606 and supersedes prior interpretations regarding these specific stockpile programs.
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