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New AICPA Revenue Recognition Working Drafts Address Insurance, Software Issues

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Feb 28th 2017
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The Financial Reporting Executive Committee of the American Institute of CPAs (AICPA) recently issued two new working drafts of revenue recognition issues for the insurance and software industries.

The working drafts are the result of an ongoing effort by 16 industry task forces to compile implementation issues that will be included in a new guide on the Financial Accounting Standards Board’s revenue recognition standard.

Last month, the AICPA released an online version of the guide, Audit & Accounting on Revenue Recognition, which will be updated as more industry-specific implementation issues become finalized.

The following working draft was issued for the insurance industry:

  • Implementation Issue No. 9-1: Considerations for Applying the Scope Exception in FASB ASC 606-10-15-2 and 606-10-15-4 to Contracts Within the Scope of ASC 944

The industry impact is expected to be moderate.

The following working draft was issued for the software industry:

  • Implementation Issue No. 14-7: Significant Financing Components in Software Arrangements

The industry impact is expected to be low.

Comments on each working draft should be submitted by April 3 to Kim Kushmerick.

Related articles:

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AICPA Issues Four New Working Drafts on Revenue Recognition Issues
3 More Revenue Recognition Working Drafts Issued by AICPA
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7 New Revenue Recognition Working Drafts Issued by AICPA

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