Starbucks Denies SEC Inquiry, Says Letter Exchange Customary

Sept. 11, 2019, 7:43 PM

Starbucks said in a statement there is no inquiry by the SEC for financial reporting irregularities and that it has in recent months exchanged letters with the SEC to clarify how it applied new revenue-recognition accounting standards, as is customary.

  • The letter exchange was part of a comment letter process for new accounting guidance that more than 200 other companies also received, according to Starbucks.
  • Adoption of new revenue-recognition accounting standard began in October 2018, Starbucks said, well before it received a Securities and Exchange Commission comment letter on the topic.
  • As a result of communications, Starbucks isn’t required to ...

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