FinREC publishes revenue recognition working drafts for insurance, software

The AICPA is issuing an industry-specific guide.

Working drafts on revenue recognition issues for the insurance and software industries were published recently by the AICPA, which is seeking comments from interested parties.

The working drafts are part of the AICPA Financial Reporting Executive Committee's work in publishing an industry-specific guide to aid with implementation of FASB's new revenue recognition standard. Numerous other drafts have been published, and more will follow. The guide has been published online and will be updated as more issues are completed by industry-specific working groups.

The issues exposed were:

  • Insurance: Issue No. 9-1, Considerations for Applying the Scope Exception in FASB ASC 606-10-15-2 and 606-10-15-4 to Contracts Within the Scope of ASC 944.
  • Software: Issue No. 14-7, Significant Financing Components in Software Arrangements.

Comments are sought by April 3 and can be sent to Kim Kushmerick at Kimberly.Kushmerick@aicpa-cima.com.

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