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.
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.