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.

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FinREC seeks comment on telecommunications revenue recognition issue

The committee is updating an industry-specific guide.

Get your clients ready for tax season

Keeping you informed and prepared amid the coronavirus crisis