A working draft recently released for public comment by the American Institute of CPAs’ (AICPA) Financial Reporting Executive Committee examines an accounting issue that could arise for telecommunications entities as they implement the new revenue recognition standard from the Financial Accounting Standards Board.
The latest working draft is:
Implementation Issue No. 15-5: Considering the Effect of the Time Value of Money
The industry impact is expected to be moderate. Comments on the working draft should be submitted by July 3 to Desiré Carroll.
Sixteen industry task forces are in the process of compiling implementation issues that will be included in a new AICPA guide on the revenue recognition standard.
An online version of the guide, Audit & Accounting on Revenue Recognition, was released in January, and it will be updated as more industry-specific implementation issues are finalized by the task forces.
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.