The Financial Reporting Executive Committee of the American Institute of CPAs has issued seven working drafts covering issues related to revenue recognition.
Specifically, the drafts cover accounting issues related to the implementation of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, in areas including asset management, gaming, software and telecommunications.
The ASU will replace the transaction- and industry-specific rev rec guidance under current U.S. GAAP with a principle-based approach, and will have a wide-ranging impact of businesses of all sorts.
The institute established 16 industry task forces to help develop a new Accounting Guide on Revenue Recognition, and the release of these seven drafts will expose implementation issues for 10 out of 16 industry task forces.
The latest industry working drafts cover:
Informal feedback is requested by Dec. 5. For more information, e-mail Jay Hyde or call (202) 434-9266.
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