AICPA Committee Issues 20 Working Drafts for Implementing Revenue Standard
Twenty working drafts have been created to help companies implement Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. Issued by the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee, the draft implementation guides cover eight industries with respect to airlines, healthcare businesses, energy companies, and telecommunications. The working drafts are as follows: Working Draft: Airlines Revenue Recognition Implementation Issue #2-5A: Timing and Classification of Commissions in Interline Transactions Working Draft: Airlines Revenue Recognition Implementation Issue #2-6G: Changes in the Volume of Mileage Credits Under a Cobranded Credit Card Arrangement Working Draft: Asset Management Revenue Recognition Implementation. Read More.
Topics: AICPA, AICPA Audit and Accounting Guide, AICPA Draft Implementation Guide, AICPA Financial Reporting Executive Committee, Airlines, Energy, healthcare, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, Telecommunications, Working Drafts
Revenue Recognition Working Drafts Issued for Nine Industries
Earlier this month, the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee (“FinREC”) issued 20 working drafts of interpretative guidance for implementation issues related to the Financial Accounting Standards Board’s Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. The working drafts offer industry-specific examples for implementing the revenue recognition standard, and pertain to the following sectors: Aerospace and Defense Airlines Broker-dealers Engineering and Construction Contractors Gaming Health Care Asset Management Nonprofits Software Comments on the working drafts must be submitted by Thursday, September 1.
Topics: Aerospace, Airlines, Asset Management, Broker-Dealer, Engineering and Construction Contractors, Financial Reporting Executive Committee "FinREC", Gaming, Health Care, Nonprofits, Revenue Recognition, Software