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3 More Revenue Recognition Working Drafts Issued by AICPA

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Nov 8th 2016
Staff Writer and Editor AccountingWEB
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The American Institute of CPAs (AICPA) Financial Reporting Executive Committee has issued three new working drafts of accounting issues related to the implementation of the new revenue recognition standard.

This time, the working drafts pertain to broker-dealers and depository and lending institutions.

These working drafts provide industry-specific helpful hints and illustrative examples for entities implementing Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which was issued by the Financial Accounting Standards Board in May 2014.

Sixteen industry task forces are in the process of finalizing implementation issues that will be included in a new guide the AICPA is developing on the new revenue recognition accounting standard.

The following two working drafts were issued for broker-dealers:

  • Implementation Issue No. 3-1: Commission Income
  • Implementation Issue No. 3-1A: Commission Income—Trade Date vs. Settlement Date

The working draft for depository and lending institutions is:

  • Implementation Issue No. 5-4: Sale of Non-Operating Assets (Other Real Estate Owned)

Comments on the working drafts for broker-dealers should be submitted to Irina Portnoy by Jan. 2, 2017. Comments on the working draft for depository and lending institutions should be submitted to Salome Tinker by Jan. 2.

Related articles:

AICPA Issues Revenue Recognition Working Drafts for 9 Industries
7 New Revenue Recognition Working Drafts Issued by AICPA

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