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AICPA Revenue Recognition Task Force Issues Exposure Drafts

In response to Financial Accounting Standards Board Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, the American Institute of Certified Public Accountants (“AICPA”) Revenue Recognition Task Force has issued the following revenue recognition exposure drafts for comment: Brokers and Dealers Issue 3-4: Underwriting Revenues Telecommunications Issue 15-8 – Determining the Transaction Price Comments on the exposure drafts are due January 2, 2018. The AICPA is seeking comment on the issues. The comment period ends January 2, 2018.

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AICPA Task Forces Issue Revenue Recognition Exposure Drafts

In response to Financial Accounting Standards Board Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, the American Institute of Certified Public Accountants’ (“AICPA”) Revenue Recognition Task Forces have issued ten exposure drafts for public comment. The exposure drafts impact four industries and include the following: Airlines 2-3 –  Passenger Tickets – Breakage and Accounting for Travel Vouchers 2-4 –  Ancillary Fees and Services 2-5 –  Interline Transactions 2-6a & d –  Brand Name and Customer List 2-6i –  Interline Loyalty Transactions 2-11 –  Change Fees Gaming 6-8a –  Loyally and Other Incentive Programs without Tier Status Hospitality 7-1 –  Franchise Fees 7-2 –  Hotel Management Service Arrangements 7-3 –  Owned and Leased Property Revenues Timeshare 16-2 –  Collectibility Comments on the exposure drafts are due Thursday, June 1.

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