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.
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:
• Implementation Issue No. 2-1: Regional Contracts
• Implementation Issue No. 6-5: The Timing for Recognition of the WAP Operator’s Liability for Base Progressive and Incremental Progressive Jackpot Amounts
• Implementation Issue No. 8-8: Consideration of FASB ASC 606, Revenue from Contracts with Customers, for Third Party Settlement Estimates
• 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.
About Terry Sheridan
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.