FinREC unveils 4 more revenue recognition working drafts

By Jeff Drew

The AICPA Financial Reporting Executive Committee (FinREC) on Monday issued another batch of working drafts of accounting issues related to the implementation of FASB’s new revenue recognition standard.

FinREC is requesting feedback on four working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606). The drafts exposed Monday are the latest in a series released by FinREC covering several industries. The AICPA is collecting feedback on the working drafts as part of its ongoing work to develop a new revenue recognition guide.

The four working drafts released are:

  • Airlines: Issue No. 2-1, Regional Contracts.
  • Gaming: Issue No. 6-5, The Timing for Recognition of the WAP Operator’s Liability for Base Progressive and Incremental Progressive Jackpot Amounts.
  • Health Care: Issue No. 8-8, Consideration of FASB ASC 606, Revenue From Contracts With Customers, for Third Party Settlement Estimates.
  • Telecommunications: Issue No. 15-10, Miscellaneous Fees.

The deadline for informal feedback on the implementation issues is Sept. 1. Comments can be submitted by industry to:

Jeff Drew (Jeff.Drew@aicpa-cima.com) is a JofA senior editor.

Where to find January’s flipbook issue

Starting this month, all Association magazines — the Journal of Accountancy, The Tax Adviser, and FM magazine (coming in February) — are completely digital. Read more about the change and get tips on how to access the new flipbook digital issues.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.