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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: Healthcare Industry: Health Care Entities Revenue Recognition Implementation Issue #8-10: Performance Obligations Telecommunications Industry: Telecommunications Revenue Recognition Implementation Issue #15-6: Impact of Enforceable Rights and Obligations on Contract Term Nonprofits Industry: Not-for-Profit Revenue Recognition Implementation Issue #11-5: Not-for-Profit Subscriptions and Membership Dues Time-Share Industry: Time-Share Revenue Recognition Implementation Issue #16-8: Allocating the Transaction Price & Transfer of Control and Time-Share Revenue Recognition Implementation Issue #16-10: Contract Costs 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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Revenue Standard Implementation Issues Receive Working Drafts

Shortly before Christmas, the American Institute of Certified Public Accountants’ (“AICPA”) Financial Reporting Executive Committee (“FinREC”) published working drafts to address implementation issues related to Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. The Proposed Implementation Issues recommend interpretative guidance to be included in the next Audit and Accounting Guide: Revenue Recognition update; the most recent guide was issued last month to help with application of the Financial Accounting Standards Board’s revenue recognition standard. Released as Working Drafts, Proposed Implementation Issues for Revenue Recognition: Telecommunications (#15-2, #15-9) and Working Drafts, Proposed Implementation Issues for Revenue Recognition: Time-Share (#16.1),. Read More.

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