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.