New working drafts address 5 revenue recognition issues

By Ken Tysiac

Working drafts for a total of five revenue recognition implementation issues in four industries were exposed Friday by the AICPA Financial Reporting Executive Committee.

When completed, the drafts will be added to the AICPA’s revenue recognition guide. The guide provides industry-specific considerations for implementation of FASB’s new revenue recognition standard.

The working drafts include:

Informal feedback can be provided by Feb. 1 by emailing Andy Mrakovcic (Andy.Mrakovcic@aicpa-cima.com) for the Health Care issue, Chris Cole (Chris.Cole@aicpa-cima.com) for the Not-for-Profit issue, Desiré Carroll (Desire.Carroll@aicpa-cima.com) for the Telecommunications issue, and Kim Kushmerick (Kim.Kushmerick@aicpa-cima.com) for the Time-Share issues.

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

SPONSORED REPORT

Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

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.