FinREC seeks comment on telecommunications revenue recognition issue

The committee is updating an industry-specific guide.

An issue for telecommunications entities related to considering the effect of the time value of money is the topic of a revenue recognition implementation working draft published by the AICPA Financial Reporting Executive Committee (FinREC).

FinREC published an industry-specific guide to implementing FASB's revenue recognition standard that is available for purchase at the revenue recognition page on the AICPA website. The guide is being updated as issues are completed by 16 industry task forces.

The issue that FinREC is seeking comments on is:

Telecommunications Entities: Issue No. 15-5, Considering the Effect of the Time Value of Money.

Feedback is sought by July 3 and can be sent to Desiré Carroll at Desire.Carroll@aicpa-cima.com.

Features

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.

From The Tax Adviser

From CPA Insider

Magazine