FinREC unveils another set of revenue recognition working drafts

The committee seeks feedback on guidance for 4 industries.

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.

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.