AICPA Exposes Four New Revenue Recognition Working Drafts

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Terry Sheridan
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Four more working drafts of accounting issues concerning implementation of the Financial Accounting Standards Board’s new revenue recognition rules were issued by the American Institute of CPAs’ Financial Reporting Executive Committee on July 5.

The latest working drafts are specific to companies in the airlines, gaming, health care, and telecommunications industries. Comments are requested by Sept. 1.

Once these and other revenue recognition-related implementation issues are finalized, they will be included in a guide on the new accounting standard.

The most recent working drafts include:

Airlines

Implementation Issue No. 2-1: Regional Contracts

Gaming

Implementation Issue No. 6-5: The Timing for Recognition of the WAP Operator’s Liability for Base Progressive and Incremental Progressive Jackpot Amounts

Health Care

Implementation Issue No. 8-8: Consideration of FASB ASC 606, Revenue from Contracts with Customers, for Third Party Settlement Estimates

Telecommunications

Implementation Issue No. 15-10: Miscellaneous Fees

For the airlines working draft, comments can be submitted to Yelena Mishkevich; for gaming, comments can be submitted to Kim Kushmerick; for health care, comments can be submitted to Andy Mrakovcic; and for telecommunications, comments can be submitted to Desiré Carroll.

Related article:

AICPA Publishes New Guide on Revenue Recognition

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