7 revenue recognition issues exposed by FinREC

By Ken Tysiac

Seven new revenue recognition implementation issues were exposed in working drafts issued by the AICPA Financial Reporting Executive Committee (FinREC) on Thursday.

Once completed, the working drafts will be added to the AICPA’s revenue recognition guide, which provides industry-specific considerations for implementing FASB’s new revenue recognition standard. The accounting issues exposed Thursday include:

Informal feedback on the implementation issues can be submitted by April 2 to Kim Kushmerick (Kim.Kushmerick@aicpa-cima.com) for aerospace and defense, gaming, and insurance; Andy Mrakovcic (Andy.Mrakovcic@aicpa-coma.com) for health care; and Desiré Carroll (Desire.Carroll@aicpa-cima.com) for telecommunications.

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

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.