accounting
iStock_cigdemhizal_accounting

12 More Revenue Recognition Working Drafts Issued by the AICPA

by
Jun 7th 2017
Share this content

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).

The 12 working drafts are specific to asset management, engineering and construction contractors, gaming, health care, hospitality, and software. Comments are due to the AICPA by Aug. 1.

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.

Related article:

AICPA Publishes New Guide on Revenue Recognition

Tags:

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.