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:
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.
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