1. news
  2. FINANCIAL REPORTING

AICPA issues working drafts for 3 revenue recognition issues

By Ken Tysiac

Please note: This item is from our archives and was published in 2017. It is provided for historical reference. The content may be out of date and links may no longer function.

Related

TOPICS

Three revenue recognition implementation issues are addressed in new working drafts issued by the AICPA Financial Reporting Executive Committee (FinREC).

The AICPA is developing a new revenue recognition guide to help financial statement preparers in various industries implement FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).

Numerous working drafts already have been issued for public comment and later added to the guide. The new group of working drafts addresses:

  • Depository & Lending Institutions: Issue No. 5-1, Scope Issues.
  • Engineering & Construction Contractors: Issue No. 4-4, Uninstalled Materials.
  • Power & Utility Entities: Issue No. 13-2, Requirements and Similar Contracts With Variable Volumes.

Informal feedback on the implementation issues is due Oct. 2. Comments can be submitted to Jason Brodmerkel at Jason.Brodmerkel@aicpa-cima.com for the Depository & Lending issues; Fred Gill at Frederick.Gill@aicpa-cima.com for the Engineering & Construction issues; and Kim Kushmerick at Kim.Kushmerick@aicpa-cima.com for the Power & Utility issues.

—Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.