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FinREC Proposes Industry-Specific Implementation Guidance for Revenue Standard

Five working drafts have been issued to help several industries implement Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers, by the Financial Accounting Standards Board. The working drafts were published earlier this month and are as follows:

Produced by the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee (“FinREC”), the proposed guidance will become part of the next version of the Audit and Accounting Guide: Revenue Recognition.

Comments on the working drafts are due February 1, 2018.

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