The American Institute of CPAs (AICPA) Financial Reporting Executive Committee continues to churn out working drafts that address industry-specific issues companies may face when adopting the new revenue recognition accounting standard.
This latest round of four working drafts target the airline and gaming industries.
These working drafts provide guidance 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 and takes effect in 2018 for public companies and 2019 for private companies.
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 standard.