The AICPA Financial Reporting Executive Committee (FinREC) issued new working drafts addressing issues that broker-dealers and depository and lending institutions face related to FASB's new revenue recognition standard.
The AICPA is developing a guide that will provide helpful considerations for entities implementing Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. The working drafts are the latest in a series issued by FinREC for several industries that will be included in the new revenue recognition guide.
The working drafts for broker-dealers are:
- Issue No. 3-1, Commission Income.
- Issue No. 3-1A, Commission Income—Trade Date vs. Settlement Date.
The working draft for depository and lending institutions is Issue No. 5-4, Sale of Non-Operating Assets (Other Real Estate Owned).
Comments are sought by Jan. 2 and should be submitted for broker-dealer drafts to Irina Portnoy (firstname.lastname@example.org) and for the depository and lending institution draft to Salome Tinker (email@example.com).