Office of Chief Accountant and Division of Corporation Finance Release Staff Accounting Bulletin 104

FOR IMMEDIATE RELEASE
2003-174

Washington, D.C., Dec 17, 2003 -- The U.S. Securities and Exchange Commission's Office of the Chief Accountant and the Division of Corporation Finance announced today the release of Staff Accounting Bulletin (SAB) No. 104, "Revenue Recognition." This staff accounting bulletin updates portions of the interpretative guidance included in Topic 13 of the codification of staff accounting bulletins in order to make this interpretive guidance consistent with current authoritative accounting guidance.

The principal revisions relate to the deletion of interpretive material no longer necessary because of private sector developments in U.S. generally accepted accounting principles, and the incorporation of certain sections of the staff's "Revenue Recognition in Financial Statements -- Frequently Asked Questions and Answers" document into Topic 13.

The statements in SABs are not rules or interpretations of the Commission, nor are they published as bearing the Commission's official approval. They represent interpretations and practices followed by the Division of Corporation Finance and the Office of the Chief Accountant in administering the disclosure requirements of the Federal securities laws.