FinREC issues a dozen revenue recognition working drafts

By Ken Tysiac

In its continuing work on its new revenue recognition guide, the AICPA Financial Reporting Executive Committee (FinREC) on Thursday issued 12 working drafts of accounting issues related to FASB's new standard.

The guide provides industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606). FinREC is adding new issues to the guide as industry task forces complete their work.

The 12 issues exposed were:

  • Gaming: Issue No. 6-6, Income Statement Presentation of Wide Area Progressive Operators' Fees Received From Gaming Entities.

Comments are sought by Aug. 1 and can be submitted to Irina Portnoy at Irina.Portnoy@aicpa-cima.com for asset management; Fred Gill at Frederick.Gill@aicpa-cima.com for engineering and construction contractors; Andy Mrakovcic at Andy.Mrakovcic@aicpa-cima.com for health care; or Kim Kushmerick at Kim.Kushmerick@aicpa-cima.com for gaming, hospitality, and software.

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

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.