{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/606/10/#sec-25-recognition","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"606","topic_title":"Revenue from Contracts with Customers","subtopic":"606-10","subtopic_title":"Overall","section":{"number":"S25","label":"SEC 25 Recognition","anchor":"sec-25-recognition","is_sec":true,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"606-10-S25-1","para":"S25-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_A543A65C-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The following is the text of Interpretive Release No. 33-10403: 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.</span></span> <ul class=\"ul simple\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__GUID-318B49D1-0288-4FEE-942B-E33AD572F427\"> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206760-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543A84F-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">AGENCY:</strong> Securities and Exchange Commission.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206761-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543A9A9-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">ACTION:</strong> Interpretation.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206762-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543AB14-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">SUMMARY:</strong> The Securities and Exchange Commission is publishing this interpretive release to update previously issued guidance with respect to accounting for sales of vaccines and bioterror countermeasures to the Federal Government for placement into stockpiles related to the Vaccines for Children Program or the Strategic National Stockpile. This update is being provided to bring existing guidance into conformity with Financial Accounting Standards Board's Accounting Standards Codification Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>, <em class=\"ph i\">Revenue from Contracts with Customers</em>. This guidance is applicable upon a registrant's adoption of Accounting Standards Codification Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a> and is applicable to all arrangements for which revenue is recognized in accordance with Accounting Standards Codification Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206766-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543AC8F-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">EFFECTIVE DATE:</strong> August 29, 2017.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206767-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543ADDA-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">FOR FURTHER INFORMATION CONTACT:</strong> Kevin L. Vaughn, Senior Associate Chief Accountant, or Joseph R. Epstein, Professional Accounting Fellow, Office of the Chief Accountant, at (202) 551-5300, U.S. Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-6561. Inquiries about this interpretive release also can be directed to oca@sec.gov.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206768-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543AF3E-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">SUPPLEMENTARY INFORMATION:</strong> </span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206769-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B052-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">I. Introduction</strong> </span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206770-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B130-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The Securities and Exchange Commission (“Commission”) continues to be committed, as stated in previously-issued guidance (the “2005 Release”), <sup class=\"ph sup\">FN1</sup> to addressing any unintended consequences of accounting requirements that could impair the nation's ability to create and maintain sufficient supplies of various vaccines and bioterror countermeasures (“enumerated vaccines”). The Commission issued the 2005 Release to address questions about the timing of revenue recognition for vaccines placed into the Vaccines for Children Program and the Strategic National Stockpile. At the time of the 2005 Release, some expressed concerns that the application of generally accepted accounting principles may require revenue recognition to be delayed beyond the period in which the vaccine is placed in the stockpile, and may have an unintended consequence of causing some vaccine manufacturers to decline to participate in these critical stockpile programs. The Commission published the guidance in the 2005 Release to resolve the accounting questions. With the Financial Accounting Standards Board's (“FASB”) issuance of Accounting Standards Codification (“ASC”) Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>, <em class=\"ph i\">Revenues from Contracts with Customers</em> (“ASC Topic 606”), <sup class=\"ph sup\">FN2</sup> we are providing this updated guidance.</span></span> </div> <ul class=\"ul simple\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__GUID-16DF675F-95F6-4389-8ADB-18FD9BA32033\"> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206772-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B218-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN1 <em class=\"ph i\">See 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</em>, Release No. 33-8642 (Dec. 5, 2005).</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206773-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B33F-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN2 The International Accounting Standards Board (IASB) has also issued IFRS 15, <em class=\"ph i\">Revenue from Contracts with Customers</em> (IFRS 15). The issuance of ASC Topic 606 and IFRS 15 completes the joint effort by the FASB and IASB that was undertaken with the intent of improving financial reporting by creating converged comprehensive revenue recognition guidance for U.S. GAAP and IFRS.</span></span> </div> </li> </ul> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206774-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B4BC-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tGovernment vaccine stockpile programs are unique in many respects. For example, the primary objective of purchasing the vaccines is not to take delivery for ultimate use but rather to be able to require immediate delivery on notice. An additional characteristic of vaccine stockpiles is the limited shelf life of the vaccines. For these and other reasons, the Commission continues to limit this guidance to the vaccines enumerated below.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206775-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B5DD-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">II. The Application of Generally Accepted Accounting Principles for Revenue Recognition to Vaccine Stockpiles</strong> </span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206776-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B6C4-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The Commission historically has recognized pronouncements of the FASB as authoritative in the absence of any contrary determination by the Commission. <sup class=\"ph sup\">FN3</sup> In Financial Reporting Release No. 70, <sup class=\"ph sup\">FN4</sup> the Commission stated its determination that the FASB and its parent organization, the Financial Accounting Foundation, satisfied the criteria in Section 19(b) of the Securities Act of 1933 <sup class=\"ph sup\">FN5</sup> and, accordingly, FASB's financial accounting and reporting standards are recognized as “generally accepted” for purposes of the federal securities laws. As a result, registrants are required to comply with those standards in preparing financial statements filed with the Commission, unless the Commission provides otherwise. <sup class=\"ph sup\">FN6</sup></span></span> </div> <ul class=\"ul simple\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__GUID-08EA63E2-8552-4CF1-93BB-D821E7C9B303\"> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206777-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B7CB-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN3 Rule 4-01(a)(1) of Regulation S-X, 17 CFR 210.4-01(a)(1). See Accounting Series Release (“ASR”) No. 150 (Dec. 20, 1973) and ASR No. 4 (Apr. 25, 1938).</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206778-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B8C4-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN4 <em class=\"ph i\">Policy Statement: Reaffirming the Status of the FASB as a Designated Private-Sector Standard Setter</em>, Release Nos. 33-8221; 34-47743; IC-26028; FR-70 (Apr. 25, 2003) (“FR-70”); 68 FR 23333 (May 1, 2003).</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206779-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543B9AA-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN5 15 U.S.C 77s(b).</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206780-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543BA81-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN6 <em class=\"ph i\">See</em> FR-70; Rule 4-01(a)(1) of Regulation S-X, 17 CFR 210.4-01(a)(1).</span></span> </div> </li> </ul> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206781-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543BBC7-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tAlthough no specific guidance has been published by the FASB related to revenue recognition for vaccine stockpiles, the FASB has issued comprehensive revenue recognition guidance in ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>, which supersedes most previous revenue recognition guidance issued by the FASB.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206782-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543BD18-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tIn response to the new, comprehensive revenue recognition model in ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>, simultaneous with publication of this release, the Commission has issued an interpretation stating <sup class=\"ph sup\">FN7</sup> that upon the registrant's adoption of ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>, such registrant should no longer rely on the guidance in Securities Exchange Act Release No. 23507 and Accounting and Auditing Enforcement Release No. 108, <em class=\"ph i\">In the Matter of Stewart Parness</em> (“AAER 108”), <sup class=\"ph sup\">FN8</sup> which set forth criteria to be met in order to recognize revenue when delivery has not occurred. The Commission staff had previously reiterated the guidance in AAER 108 in Staff Accounting Bulletin (“SAB”) Topic 13, <em class=\"ph i\">Revenue Recognition</em>, which the staff is modifying as a result of the FASB's issuance of ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>.</span></span> </div> <ul class=\"ul simple\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__GUID-57C69D68-83B7-4D12-AF7C-82DBC317BD62\"> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206783-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543BE82-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN7 <em class=\"ph i\">Commission Guidance Regarding Revenue Recognition for Bill-and-Hold Arrangements</em>, Release No. 33-10402 (Aug. 18, 2017).</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206784-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543BFEA-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN8 <em class=\"ph i\">See In the Matter of Stewart Parness</em>, AAER 108 (Aug. 5, 1986).</span></span> </div> </li> </ul> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206785-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C0D8-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tUnder ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>, the general criteria for revenue recognition includes identifying the contract(s) with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract, and recognizing revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service to a customer. <sup class=\"ph sup\">FN9</sup> A good or service is transferred when (or as) the customer obtains control of that good or service and ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a> sets forth indicators of when control has been transferred. <sup class=\"ph sup\">FN10</sup></span></span> </div> <ul class=\"ul simple\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__GUID-9CABA09E-96DA-4E01-9012-AAFA6C31F305\"> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206786-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C1BD-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN9 <em class=\"ph i\">See</em> ASC paragraph <a href=\"/asc/606/10/#606-10-05-4\" class=\"xref\">606-10-05-4</a>.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206788-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C2E7-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN10 <em class=\"ph i\">See</em> ASC paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/606/10/#606-10-25-23\" class=\"xref\">606-10-25-23 through 25-30</a></div>.</span></span> </div> </li> </ul> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206790-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C409-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a> also provides specific guidance on contracts under which an entity bills a customer for a product but the entity retains physical possession of the product until it is transferred to the customer at a point in time in the future (i.e., a bill-and-hold arrangement). <sup class=\"ph sup\">FN11</sup> Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a> acknowledges that, for some contracts, a customer may obtain control of a product even though that product remains in an entity's physical possession. <sup class=\"ph sup\">FN12</sup> In order to recognize revenue in a bill-and-hold arrangement, Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a> requires consideration of the indicators of when control has been transferred and sets forth additional criteria to be met. <sup class=\"ph sup\">FN13</sup></span></span> </div> <ul class=\"ul simple\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__GUID-7B0C9E8C-774A-4E8E-9EAB-F936C29DE9A0\"> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206791-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C4F6-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN11 <em class=\"ph i\">See</em> ASC paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/606/10/#606-10-55-81\" class=\"xref\">606-10-55-81 through 55-84</a></div>.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206793-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C682-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN12 <em class=\"ph i\">See</em> ASC paragraph <a href=\"/asc/606/10/#606-10-55-82\" class=\"xref\">606-10-55-82</a>.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206795-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C766-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">FN13 <em class=\"ph i\">See</em> ASC paragraph <a href=\"/asc/606/10/#606-10-55-83\" class=\"xref\">606-10-55-83</a>.</span></span> </div> </li> </ul> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206797-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C83B-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">III. Updated Commission Guidance</strong> </span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206798-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543C91E-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tThe Commission believes vaccine manufacturers should recognize revenue and provide the disclosures required under ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a> when vaccines are placed into Federal Governmental stockpile programs because control of the enumerated vaccines will have been transferred to the customer and the criteria to recognize revenue in a bill-and-hold arrangement under ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a> will have been met.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206799-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543CA36-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tThe following are the enumerated vaccines subject to this release:</span></span> </div> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543CB42-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"></span></span> </div> <ul class=\"ul simple\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__GUID-9679E8F1-C1A5-4D4D-9A83-4D7326231F7B\"> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206800-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543CC61-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">• Childhood disease vaccines;</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206801-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543CD7C-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">• Influenza vaccines; and</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206802-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543CEA7-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">• Other vaccines and countermeasures sold to the Federal Government for placement in the Strategic National Stockpile.</span></span> </div> </li> </ul> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206803-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543CFAF-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tDue to the uniqueness of the vaccine stockpile programs as discussed above, this interpretative guidance is not applicable to transactions other than the sales of enumerated vaccines by vaccine manufacturers.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206804-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D076-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tPrior to a registrant's adoption of ASC Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a>, the guidance contained in the 2005 Release is still applicable to all arrangements for which revenue is recognized.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206805-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D152-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">List of Subjects</strong> </span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206806-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D218-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">17 CFR Parts 231, 241, and 271</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206807-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D2E0-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tSecurities.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206808-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D399-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Amendments to the Code of Federal Regulations</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206809-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D45B-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tFor the reasons set out in the preamble, the Commission is amending Title 17, chapter II of the Code of Federal Regulations as set forth below:</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206810-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D51C-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">PART 231 - INTERPRETATIVE RELEASES RELATING TO THE SECURITIES ACT OF 1933 AND GENERAL RULES AND REGULATIONS THEREUNDER</strong> </span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206811-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D5D9-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tPart 231 is amended by adding Release No. 33-10403 and the release date of August 18, 2017 to the list of interpretive releases.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206812-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D692-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">PART 241 - INTERPRETATIVE RELEASES RELATING TO THE SECURITIES EXCHANGE ACT OF 1934 AND GENERAL RULES AND REGULATIONS THEREUNDER</strong> </span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206813-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D77F-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tPart 241 is amended by adding Release No. 34-81429 and the release date of August 18, 2017 to the list of interpretive releases.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206814-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D895-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <strong class=\"ph b\">PART 271 - INTERPRETATIVE RELEASES RELATING TO THE INVESTMENT COMPANY ACT OF 1940 AND GENERAL RULES AND REGULATIONS THEREUNDER</strong> </span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206815-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543D9B3-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">\tPart 271 is amended by adding Release No. IC-32785 and the release date of August 18, 2017 to the list of interpretive releases.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206816-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543DAD5-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">By the Commission.</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206817-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543DB9C-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Dated: August 18, 2017</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206818-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543DC52-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Jill M. Peterson</span></span> </div> </li> <li class=\"li\" id=\"pgroup_A543998A-6E93-1014-A13F-6E4B94C84136__SL115206819-224296\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_A543DCFB-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Assistant Secretary</span></span> </div> </li> </ul> </div> </div>","snippet":"The following is the text of Interpretive Release No. 33-10403: Updates to Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror Countermeasures to the Federal Government for Placement into the Ped…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2012885797934d04eb013fa33f5019a524ee5b2ce42aa7f828c1015fd9d78163","downloaded_from":"2026-09-09T23:18:29.802Z","last_downloaded_at":"2026-09-09T23:18:29.802Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483562","source_sha256":"ad985266c7a7b7a339b6f832a62f1f9fd541b6cc8a4c5e0e18ca91bc80f5f0eb"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2662ea02d6148aced9dbfbd92323451689f2c16edeb9c6c75bafb4eb73f22490","downloaded_from":"2026-09-09T23:18:29.802Z","last_downloaded_at":"2026-09-09T23:18:29.802Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483562","source_sha256":"ad985266c7a7b7a339b6f832a62f1f9fd541b6cc8a4c5e0e18ca91bc80f5f0eb"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:235018f1073c80d50088d6eefd7275da38a96ba386acf39a40f58bb46ca53457","downloaded_from":"2026-09-09T23:18:29.802Z","last_downloaded_at":"2026-09-09T23:18:29.802Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483562","source_sha256":"ad985266c7a7b7a339b6f832a62f1f9fd541b6cc8a4c5e0e18ca91bc80f5f0eb"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:235018f1073c80d50088d6eefd7275da38a96ba386acf39a40f58bb46ca53457","downloaded_from":"2026-09-09T23:18:29.802Z","last_downloaded_at":"2026-09-09T23:18:29.802Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483562","source_sha256":"ad985266c7a7b7a339b6f832a62f1f9fd541b6cc8a4c5e0e18ca91bc80f5f0eb"}}