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

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.