The American Institute of CPAs’ Financial Reporting Executive Committee (FinREC) has issued two more revenue recognition working drafts, one of which addresses broker-dealers and telecommunications.
Comments are due by Jan. 2 and can be sent to the addresses at the bottom of the drafts.
- Broker-Dealer Issue No. 3-4, Underwriting Revenues
FinREC indicates that the impact of this draft to industry accounting will be minimal.
- Telecommunications Issue 15-8, Determining the Transaction Price
FinREC expects the overall impact to industry accounting will be moderate.
The latest drafts are among several released by FinREC during the past year as the committee as it works to guide entities in their implementation of the Financial Accounting Standards Board’s Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).
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.