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
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
FASB Nonprofit Project Focuses on Investment Expenses
Working to complete the draft guidance in Proposed Accounting Standards Update (ASU) No. 2015-230, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities, the Financial Accounting Standards Board (“FASB”) met recently to discuss how nonprofits report their investment returns and expenses. During the February 3rd meeting, the FASB unanimously agreed that nonprofit organizations will have to report investment returns net of their external and direct internal investment expenses. The discussion focused on the terms “direct internal” as opposed to related expenses. The provision will provide clarity regarding the fees and expenses associated. Read More.