The American Institute of CPAs’ (AICPA) Financial Reporting Executive Committee is requesting feedback on five new working drafts of accounting issues related to the implementation of the Financial Accounting Standards Board’s new revenue recognition standard.
The working drafts are the result of an ongoing effort by 16 industry task forces to compile implementation issues that will be added to a new AICPA revenue recognition guide.
An online version of the guide, Audit & Accounting on Revenue Recognition, was released in January, and it will be updated as more industry-specific implementation issues are finalized by the task forces.
The most recent working drafts focus on issues pertaining to aerospace and defense companies, broker-dealers, power and utility companies, and timeshare entities.
The following working draft was issued by the Aerospace and Defense Revenue Recognition Task Force:
- Implementation Issue No. 1-6: Identifying Performance Obligations
Two working drafts were issued by the Brokers and Dealers in Securities Revenue Recognition Task Force:
- Implementation Issue No. 3-3: Principal vs. Agent: Costs Associated with Underwriting
- Implementation Issue No. 3-3A: Costs Associated with Investment Banking Advisory Services
The Power and Utility Entities Revenue Recognition Task Force issued the following working draft:
- Implementation Issue No. 13-1: Accounting for Tariff Sales to Regulated Customers
The following working draft was issued by the Timeshare Entities Revenue Recognition Task Force:
- Implementation Issue No. 16-6: Management Fee Agreements
Comments on the working draft for broker-dealers should be submitted by May 1 to Irina Portnoy. Comments on the aerospace and defense, power and utility, and timeshare working drafts should be submitted by May 1 to Kim Kushmerick.
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