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AICPA begins developing revenue recognition implementation guidance

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Nov 03, 2015

On November 2, 2015, the Financial Reporting Executive Committee of the American Institute of Certified Public Accountants (AICPA) released for public comment nine working drafts on accounting issues associated with the implementation of the new revenue standard.

Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts With Customers was published jointly with IFRS 15, Revenue From Contracts With Customers in May 2014 and is more principles-based than the current US GAAP revenue guidance, which is transaction- and industry-specific. The AICPA is now beginning to develop (non-authoritative) implementation guidance that discusses considerations and illustrative examples of industry-specific transactions.

For the time being, the AICPA has released for public comment nine working drafts that apply to entities in the aerospace and defense and investment asset management industries, however, they have been announced as "the first of many working drafts". When finalised, the considerations and illustrative examples will be included in a new revenue recognition guide the AICPA is developing.

Please click for more information and access to the drafts on the AICPA's Journal of Accountancy website.

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