AICPA seeks comment on industry-specific revenue recognition advice

9 industries are included in the second round of working drafts.

The AICPA Financial Reporting Executive Committee (FinREC) is accepting informal comment on working drafts that deal with accounting issues related to the implementation of the new revenue recognition standard.

The working drafts provide industry-specific considerations and illustrative examples for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).

The AICPA established 16 industry task forces that are developing industry-specific implementation issues. When the process is complete, the AICPA will publish a new revenue recognition guide, providing nonauthoritative guidance on the new standard.

This is the second set of working drafts issued by FinREC, which released nine working drafts in November; comment on those drafts is closed. The AICPA is seeking comment by Sept. 1 on the latest set of working drafts, which were officially issued July 1.

The new drafts cover nine industries. Comments will be accepted via email by the following contacts for each of the industries:

FASB and the International Accounting Standards Board issued the new revenue recognition standard in May 2014. Public entities in the United States are required to adopt the standard for annual and interim reporting periods beginning Dec. 15, 2017. Nonpublic entities are required to adopt the standard for annual reporting periods beginning Dec. 15, 2018.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.