FinREC Releases Working Drafts for Implementing Revenue Standard
Last week, the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee (“FinREC”) issued industry-specific working drafts featuring proposed guidance for implementing Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers, by the Financial Accounting Standards Board (“FASB”). The working drafts, which could be added to Audit and Accounting Guide: Revenue Recognition, are as follows: Aerospace and Defense Revenue Recognition Implementation Issue # 1-5: Transfer of Control on Non-US Federal Government Contracts — Clarification on Whether a Contract Priced at a Loss Could Qualify for Over Time Recognition in Accordance with FASB ASC 606-10-25-27(c): This proposal clarifies FinREC. Read More.
Topics: Accounting Standards Update "ASU", Aerospace, Audit and Accounting Guide: Revenue Recognition, FASB, Financial Reporting Executive Committee "FinREC", FinREC, Gaming, Health Care, insurance, Revenue From Contracts With Customers, Revenue Recognition, Telecommunications
Three Revenue Recognition Working Drafts Published
The American Institute of Certified Public Accountants’ (“AICPA”) Financial Reporting Executive Committee (“FinREC”) recently published the following working drafts featuring proposed implementation guidance for Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606): Engineering & Construction Contractors, Issue #4-4: Uninstalled Materials. This working draft covers accounting for items acquired for a construction project but are not immediately installed. Depository and Lending Institutions Revenue, Issue #5-1; Scope Issues. This working draft covers how guidance under Topic 606 is applied to credit card annual fees, deposit-related charges, and servicing and sub-servicing income. Power & Utility Entities, Issue #13-2: Requirements. Read More.
Topics: Accounting Standards Update "ASU", AICPA, AICPA Audit and Accounting Guide, Engineering and Construction Contractors, FASB, FinREC, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, Working Drafts