Working drafts for the airlines, gaming, hospitality and time-share industries were included in the latest group of issues exposed for the AICPA’s guide to implementing FASB’s revenue recognition standard.
U.S. compliance and reporting
Early adoption is permitted this year.
The AICPA is issuing an industry-specific guide.
Careful planning and collecting of lease inventory data are key in implementing FASB’s new standard.
FASB issued a new standard that makes targeted changes designed to prevent the recognition of too much interest income before a borrower calls the debt security, and prevent the recognition of a loss on the call date.
Participating in industry groups has emerged as one of the best tactics for success.
FASB’s new credit loss standard will challenge banks to find the right data for forecasting expected losses in their portfolios.
Current presentation requirements for defined benefit costs lacked transparency and limited the usefulness of financial information, according to stakeholders.
Accounting for share-based payments to nonemployees in exchange for goods and services would become similar to the accounting for share-based payments to employees under a proposal FASB issued.
Working drafts exposed by the AICPA Financial Reporting Executive Committee address five new revenue recognition issues.
The latest issues address aerospace and defense, telecommunications, and time-share.
The board responded to inconsistency in acquisition recording.
Inconsistencies in guidance are addressed.
Costly mistakes can be avoided by following best practices that lead to proper judgments.
The debt proposal would establish a cohesive classification principle.
FASB proposes the same model for participating and nonparticipating contracts.
The changes address 13 narrow issues.
The FASB issued a new standard that is designed to make employee benefit plan master trust disclosures more useful to users of financial statements.
FASB issued a standard clarifying the scope of its asset derecognition guidance and adding accounting guidance for partial sales of nonfinancial assets.
Working drafts on revenue recognition issues for the insurance and software industries were published by the AICPA, which is seeking comments from interested parties.