Revenue recognition issues in the gaming and telecommunications industries were the focus of working drafts published recently by the AICPA Financial Reporting Executive Committee (FinREC).
The issues discuss considerations to be made when companies in those industries implement FASB's new revenue recognition standard. When completed, the issues will be included in the AICPA's Revenue Recognition Guide. The issues are:
- Gaming: Issue No. 6-9B, Gaming Entity's Accounting for Management Contract Revenues, Including Costs Reimbursed by Managed Properties.
- Telecommunications: Issue No. 15-3, Contract Modifications.
Informal feedback on the working drafts can be submitted by July 2 to Kim Kushmerick (Kim.Kushmerick@aicpa-cima.com) for the gaming issue and Desiré Carroll (Desire.Carroll@aicpa-cima.com) for the telecommunications issue.