Four new working drafts of accounting issues related to implementation of FASB’s new revenue recognition standard were issued Tuesday by the AICPA Financial Reporting Executive Committee (FinREC).
These were the latest of numerous working drafts issued by FinREC in its development of a new AICPA revenue recognition guide. The drafts discuss considerations designed to help entities in numerous industries as they implement Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers.
The issues exposed Tuesday addressed considerations for aerospace and defense, telecommunications, and time-share:
- Aerospace and defense: Issue No. 1-8, Contract Modifications Including Unpriced Change Orders, Claims and Options.
- Telecommunications: Issue No. 15-2, Identification of Separate Performance Obligations, and Issue No. 15-9, Determining the Standalone Selling Price and Allocating the Transaction Price.
- Time-share: Issue No. 16-1, Identifying Performance Obligations in Time-Share Interval Sales Contracts.
Feedback on the drafts is requested by March 1, 2017.
—Ken Tysiac (kenneth.tysiac@aicpa-cima.com) is a JofA editorial director.
