Thursday, September 3, 2009

When Is Revenue Not Revenue for Biotech Firms?

Nicolas Morgan of writes that newly proposed changes to accounting rules may help public biotech and pharmaceutical companies and others avoid the nightmare scenario suffered by Impax Laboratories last year when the SEC revoked the registration of its common stock, essentially eliminating the public market for the company’s securities.

The SEC has designated the Financial Accounting Standards Board (FASB) as a private organization responsible for setting accounting standards for U.S. public companies. One arm of FASB, the Emerging Issues Task Force (EITF), holds public meetings to identify and resolve accounting issues occurring in the financial world.

For more information, please see Morgan's article it is entirety.

When Is Revenue Not Revenue for Biotech Firms?

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