Institute Seeks Volunteers to Provide Feedback on Revenue Recognition Model


The AICPA is looking for volunteers to provide feedback on the new revenue recognition model proposed by FASB and the IASB.

The boards have developed a single, contract-based revenue recognition model to improve financial reporting by providing clearer guidance on when an entity should recognize revenue and by reducing the number of standards to which entities must refer. It is expected that adoption in its current form would affect:

  • Companies that recognize revenue from construction or long-term contracts
  • Agricultural activities
  • Software sales
  • Multiple-element arrangements


The changes would also affect contract origination costs, sales incentives and post-delivery services.

Volunteers’ feedback will be included in an AICPA response letter on how the proposed model will affect U.S. companies.

If you have prepared financial statements under current GAAP and would like to participate, please submit your name to AICPA Volunteer Services at volunteerservices@aicpa.org or contact Kim Kushmerick at kkushmerick@aicpa.org.

 

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out