The Financial Reporting Executive Committee of the American Institute of CPAs (AICPA) has issued working drafts to implement Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers.
This batch of drafts addresses considerations for organizations that are in banking, engineering and construction, and utilities. Final versions will be included in the AICPA’s Revenue Recognition Guide. Comments are due by Oct. 2 to the contacts listed in each draft.
Here’s what these drafts address:
Depository & Lending Institutions
Issue #5-1: Scope
Engineering & Construction Contractors
Issue #4-4: Uninstalled materials
Power & Utility
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.