The following news comes to us from the AICPA’s Jay Hyde. We’re listing the guidance here verbatim:
The AICPA’s Financial Reporting Executive Committee has issued four new working drafts of accounting issues related to the implementation of Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” for aerospace and defense, broker-dealers, power and utility, and time-shares, and is soliciting feedback.
The ASU will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition.
The new working drafts are:
- Aerospace and Defense Revenue Recognition Task Force | AD Issue 1-6, “Identifying Performance Obligations”
- Broker Dealer Revenue Recognition Task Force | BD Issue 3-3, “Principal vs. Agent: Costs Associated with Underwriting” | BD Issue 3-3A, “Costs Associated with Advisory Services”
- Power and Utility Revenue Recognition Task Force | PU Issue 13-1, “Accounting for Tariff Sales to Regulated Customers”
- Timeshare Revenue Recognition Task Force | Timeshare Issue 16-6, “Management Fee Agreements”
Interested parties are encouraged to submit their informal feedback on the implementation issues by May 1, 2017.
For more information or to speak with a staff expert, contact Jay Hyde at email@example.com or (202) 434-9266.