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.

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