The American Institute of CPAs’ Financial Reporting Executive Committee has issued 11 new working drafts to help four different industries deal with the upcoming revenue recognition accounting standard.
The accounting issues relate to implementation of the new standard for the airline, gaming, hospitality and time-share industries and the AICPA is asking for feedback on the documents.
The accounting standards update will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. However, the AICPA has been working on a series of documents to help various industries cope with the transition to the new standard, which takes effect next year for public companies and in 2019 for private companies (see AICPA works through revenue recognition issues).
The new working drafts are:
The AICPA FinREC is asking for feedback on the drafts by June 1, 2017.
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