12 More Revenue Recognition Working Drafts Issued by the AICPAby
The American Institute of CPAs’ (AICPA) Financial Reporting Executive Committee recently released a dozen new working drafts of accounting issues related to the implementation of the Financial Accounting Standards Board’s new revenue recognition standard, Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606).
Sixteen industry task forces are continuing to compile implementation issues that will be featured in a new AICPA guide on the revenue recognition standard.
An online version of the guide, Audit & Accounting on Revenue Recognition, was published earlier this year and will be updated as more industry-specific implementation issues are finalized by the task forces.
The most recent working drafts are:
Asset Management Revenue Recognition Task Force
- Implementation Issue No. 10-2: Management Fee Revenue, Excluding Performance Fee Revenue
- Implementation Issue No. 10-3: Management Fee Waivers and Customer Expense Reimbursements
- Implementation Issue No. 10-5: Incentive or Performance Fee Revenue, Excluding Incentive-Based Capital Allocations (Such as Carried Interest)
- Implementation Issue No. 10-5A: Incentive-Based Capital Allocations
Engineering and Construction Contractors Revenue Recognition Task Force
- Implementation Issue No. 4-5: Impact of Termination for Convenience on Contract Duration
Gaming Entities Revenue Recognition Task Force
- Implementation Issue No. 6-6: Income Statement Presentation of Wide Area Progressive Operators’ Fees Received from Gaming Entities
- Implementation Issue No. 6-7: Participation and Similar Arrangements
- Implementation Issue No. 6-8D: Accounting for Loyalty Points Redeemed with Third Parties
Health Care Entities Revenue Recognition Task Force
- Implementation Issue No. 8-6: Presentation and Disclosure
Hospitality Entities Revenue Recognition Task Force
- Implementation Issue No. 7-5: Consideration to Customer (Key Money)
Software Entities Revenue Recognition Task Force
- Implementation Issue No. 14-8: Transfer of Control for Distinct Software Licenses
- Implementation Issue No. 14-11: Considerations in Estimating Standalone Selling Prices
Comments should be submitted to Irina Portnoy for asset management, Fred Gill for engineering and construction contractors, Andy Mrakovcic for health care, and Kim Kushmerick for gaming, hospitality, and software.
Terry Sheridan is an award-winning journalist who has covered real estate, mortgage finance, health care, insurance, personal finance, and accounting and taxation issues for newspapers, magazines, and websites. A Chicago native and former South Florida resident, she now lives in New England.