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FinREC unveils another set of revenue recognition working drafts

The committee seeks feedback on guidance for 4 industries.

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The AICPA Financial Reporting Executive Committee (FinREC) recently issued another batch of working drafts of accounting issues related to the implementation of FASB’s new revenue recognition standard.

FinREC is requesting feedback on four working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606). The recently exposed drafts are the latest in a series released by FinREC covering several industries. The AICPA is collecting feedback on the working drafts as part of its ongoing work to develop a new revenue recognition guide.

The four working drafts released are:

  • Airlines: Issue No. 2-1, Regional Contracts.
  • Gaming: Issue No. 6-5, The Timing for Recognition of the WAP Operator’s Liability for Base Progressive and Incremental Progressive Jackpot Amounts.
  • Health Care: Issue No. 8-8, Consideration of FASB ASC 606, Revenue From Contracts With Customers, for Third Party Settlement Estimates.
  • Telecommunications: Issue No. 15-10, ­Miscellaneous Fees.

The deadline for informal feedback on the implementation issues is Sept. 1. Comments can be submitted by industry to:

  • Airlines: Yelena Mishkevich at Yelena.Mishkevich@aicpa-cima.com.
  • Gaming: Kim Kushmerick at Kim.Kushmerick@aicpa-cima.com.
  • Health care: Andy Mrakovcic at Andy.Mrakovcic@aicpa-cima.com.
  • Telecommunications: Desiré Carroll at Desire.Carroll@aicpa-cima.com.