FinREC releases more revenue recognition working drafts

By Jeff Drew

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

The working drafts released Wednesday are the latest in a series of such releases by FinREC, which has been seeking public comment on working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).

FinREC is collecting feedback on the working drafts as part of its ongoing work to develop a new revenue recognition guide.

The working drafts released Wednesday are:

Comments are due by Jan. 2, 2018, and can be sent via email to Ivory Bare (Ivory.Bare@aicpa-cima.com) for the broker-dealer issue and to Desiré Carroll (Desire.Carroll@aicpa-cima.com) for the telecommunications issue.

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

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.