Accounting
AICPA Issues Five New Working Drafts Related to Accounting Standards Update
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued five new working drafts of accounting issues related to the implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers – for aerospace ...
Mar. 01, 2017
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued five new working drafts of accounting issues related to the implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers – for aerospace and defense, broker-dealers, power and utility, and time-shares – and is soliciting feedback.
The ASU will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition.
The new working drafts are:
- Aerospace & Defense Revenue Recognition Task Force www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/RevenueRecognition/Pages/RRTF-Aerospace.aspx
AD Issue 1-6 – Identifying Performance Obligations
- Broker Dealer Revenue Recognition Task Force www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/RevenueRecognition/Pages/RRTF-BrokerDealer.aspx
BD Issue 3-3 – Principal vs. Agent: Costs Associated with Underwriting
BD Issue 3-3A – Costs Associated with Advisory Services
- Power & Utility Revenue Recognition Task Force www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/RevenueRecognition/Pages/RRTF-Utilities.aspx
PU Issue 13-1 – Accounting for Tariff Sales to Regulated Customers
- Timeshare Revenue Recognition Task Force www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/RevenueRecognition/Pages/RRTF-Timeshare.aspx
Timeshare Issue 16-6 – Management Fee Agreements
Interested parties are encouraged to submit their informal feedback on the implementation issues by May 1, 2017.