The American Institute of CPAs’ (AICPA) Financial Reporting Executive Committee is requesting feedback on five new working drafts of accounting issues related to the implementation of the Financial Accounting Standards Board’s new revenue recognition standard.
The working drafts are the result of an ongoing effort by 16 industry task forces to compile implementation issues that will be added to a new AICPA revenue recognition guide.
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.
The most recent working drafts focus on issues pertaining to aerospace and defense companies, broker-dealers, power and utility companies, and timeshare entities.
Comments on the working draft for broker-dealers should be submitted by May 1 to Irina Portnoy. Comments on the aerospace and defense, power and utility, and timeshare working drafts should be submitted by May 1 to Kim Kushmerick.
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.