AICPA releases last set of revenue recognition topics

The American Institute of CPAs has issued the final set of working drafts of guidance related to revenue recognition issues for various industries.

The last set of accounting issues relate to the gaming and telecommunications industries:

• Gaming #6-9B: Gaming Entity’s Accounting for Management Contract Revenues, Including Costs Reimbursed by Managed Properties

• Telecommunications #15-3: Contract Modifications

The AICPA has been rolling out the guidance in recent years since the Financial Accounting Standards Board and the International Accounting Standards Board released their long-awaited revenue recognition standard in 2014. The standard eliminated much of the industry-specific guidance under the older standards, but the AICPA’s Financial Reporting Committee, also known as FinREC, has been helping companies in different industries with issues related to the new standard before finalizing the guidance.

FinREC, in collaboration with the AICPA Revenue Recognition Working Group, has reviewed a total of 132 issues during the Revenue Recognition project, helping companies in 16 industry sectors and their auditors adjust to the new rev rec standard. The final revenue recognition implementation issues will be included in the AICPA’s Revenue Recognition Guide.

The AICPA is asking for feedback on the latest guidance by July 2, 2018.