In a wide-ranging speech today, SEC Chief Accountant Wesley Bricker addressed recent changes and forthcoming changes to accounting standards, including the new revenue recognition standard. He noted the need to continue to focus on the implementation of the lease accounting standard next year and the credit losses standard. Bricker also commented on accounting for equity investments in other companies. Bricker touched briefly on non-GAAP financial measures, reminding the audience that reporting companies must have disclosure controls and procedures that address the use of non-GAAP measures. In this regard, he noted that audit committees have an important role to play in reviewing the presentation of non-GAAP measures, understanding the purpose and integrity of the non-GAAP measures, evaluating whether the measures are consistently prepared and presented period to period, and understanding how corrections of errors in such measures will be presented. Bricker also noted the importance of the audit committee’s role with respect to the disclosure of market risks. Bricker mentioned the Commission’s recently proposed rulemaking addressing the auditor independence rules. He concluded his remarks with observations regarding the importance of independent minded audit committees as one element of a strong corporate governance structure. The full text of his remarks may be found here.