FinREC issues a dozen revenue recognition working drafts

By Ken Tysiac

In its continuing work on its new revenue recognition guide, the AICPA Financial Reporting Executive Committee (FinREC) on Thursday issued 12 working drafts of accounting issues related to FASB's new standard.

The guide provides industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606). FinREC is adding new issues to the guide as industry task forces complete their work.

The 12 issues exposed were:

  • Gaming: Issue No. 6-6, Income Statement Presentation of Wide Area Progressive Operators' Fees Received From Gaming Entities.

Comments are sought by Aug. 1 and can be submitted to Irina Portnoy at Irina.Portnoy@aicpa-cima.com for asset management; Fred Gill at Frederick.Gill@aicpa-cima.com for engineering and construction contractors; Andy Mrakovcic at Andy.Mrakovcic@aicpa-cima.com for health care; or Kim Kushmerick at Kim.Kushmerick@aicpa-cima.com for gaming, hospitality, and software.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.

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