FinREC seeks comment on telecommunications revenue recognition issue

By Ken Tysiac

An issue for telecommunications entities related to considering the effect of the time value of money is the lone revenue recognition implementation working draft published this month by the AICPA Financial Reporting Executive Committee (FinREC).

FinREC has published an industry-specific guide to implementing FASB's revenue recognition standard that is available for purchase at the revenue recognition page on the AICPA website. The guide is being updated as issues are completed by 16 industry task forces.

The issue that FinREC is seeking comments on this month is:

  • Telecommunications Entities: Issue No. 15-5, Considering the Effect of the Time Value of Money.

Feedback is sought by July 3 and can be sent to Desiré Carroll at Desire.Carroll@aicpa-cima.com.

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

SPONSORED REPORT

Scorecard preparation templates and tips

With Workiva, we've created a PowerPoint deck that helps you create your own scorecards -- quick reference reports used across organizations to update stakeholders on the performance of defined deliverables.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.