The AICPA Financial Reporting Executive Committee (FinREC) issued new working drafts Tuesday addressing issues that broker-dealers and depository and lending institutions face related to FASB’s new revenue recognition standard.
A new guide the AICPA is developing will provide helpful considerations for entities implementing Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. The working drafts issued Tuesday are the latest of numerous drafts issued by FinREC for several industries that will be included in the new revenue recognition guide.
The working drafts for broker-dealers are:
- Issue No. 3-1, Commission Income.
- Issue No. 3-1A, Commission Income—Trade Date vs. Settlement Date.
The working draft for depository and lending institutions is Issue No. 5-4, Sale of Non-Operating Assets (Other Real Estate Owned).
Comments are sought by Jan. 2 and should be submitted for broker-dealer drafts to Irina Portnoy (firstname.lastname@example.org) and for the depository and lending institution draft to Salome Tinker (email@example.com).
—Ken Tysiac (firstname.lastname@example.org) is a JofA editorial director.