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:
- Aerospace and defense: Kim Kushmerick, email@example.com.
- Airlines: Yelena Mishkevich, firstname.lastname@example.org.
- Broker dealer: Ivory Bare, email@example.com.
- Engineering and construction contractors: Fred Gill, firstname.lastname@example.org.
- Gaming: Kim Kushmerick, email@example.com.
- Health care: Andy Mrakovcic, firstname.lastname@example.org.
- Investment asset management: Irina Portnoy, email@example.com.
- Not-for-profits: Chris Cole, firstname.lastname@example.org.
- Software: Kim Kushmerick, email@example.com.
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.