FinREC releases more revenue recognition working drafts

Broker-dealer and telecommunications issues are addressed.

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

The new working drafts are the latest in a series of such releases by FinREC, which has been seeking public comment on working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).

FinREC is collecting feedback on the working drafts as part of its ongoing work to develop a new revenue recognition guide.

The working drafts released were:

  • Broker-Dealer Issue No. 3-4: Underwriting Revenues.
  • Telecommunications Issue No. 15-8: Determining the Transaction Price.

Comments are due by Jan. 2, 2018, and can be sent via email to Ivory Bare (Ivory.Bare@aicpa-cima.com) for the broker-dealer issue and to Desiré Carroll (Desire.Carroll@aicpa-cima.com) for the telecommunications issue. 

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.