FOR IMMEDIATE RELEASE                                  2000-155

   Commission Staff Provides Written Guidance on Implementing
     Staff Accounting Bulletin No. 101, Revenue Recognition

     Washington, DC, October 12, 2000 -- The staff of the
Securities and Exchange Commission published today guidance on
implementing Staff Accounting Bulletin (SAB) No. 101, which deals
with revenue recognition issues.  That guidance, in the form of a
Frequently Asked Questions (FAQ) document, is available on the
SEC's Internet site at www.sec.gov.

     Since the issuance of SAB 101 in December 1999, the staff
has received and responded to a number of inquiries from
auditors, preparers, and analysts about how the guidance in SAB
101 and the authoritative accounting literature on revenue
recognition would apply to certain transactions.  In addition,
the staff received requests from registrants and their auditors
earlier this year to defer the implementation date of SAB 101 to
allow registrants more time to assess the impact, if any, that
SAB 101 may have on registrants' financial statements.  In
response to those requests, the staff deferred the implementation
date (through SAB 101A and SAB 101B) until no later than the
fourth quarter of fiscal years beginning after December 15, 1999,
and indicated that it would prepare the FAQ issued today.

     Lynn E. Turner, the Commission's Chief Accountant, said,
"This FAQ responds to a number of common questions that
registrants and their auditors have asked us."  During the
preparation of this FAQ, the staff obtained input from working
groups consisting of representatives of major accounting firms
and public registrants.  In addition, the staff has held
discussions with various industry groups to identify significant
issues.  This FAQ does not change the implementation date of, or
guidance in, SAB 101.

     Registrants and their auditors are reminded of their
disclosure obligations pursuant to SAB Topic 11M, Disclosure of
the Impact that Recently Issued Accounting Standards Will Have on
the Financial Statements of a Registrant When Adopted in a Future
Period; AICPA professional standards section AU 9410.3, The
Impact on an Auditor's Report of an FASB Statement Prior to the
Statement's Effective Date; and Management's Discussion and
Analysis.  The disclosure should notify investors that guidance
has been issued and should assist investors in assessing the
significance of the impact that the guidance will have on the
financial statements when implemented.

     For further information contact:  Scott Taub or Scott
Blackley in the Office of the Chief Accountant at (202) 942-4400
or Robert Bayless in the Division of Corporation Finance at (202)
942-2960.

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