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AICPA issues revenue working drafts for insurance and software entities

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Feb 03, 2017

On February 3, 2017, the AICPA’s Revenue Recognition Task Force released for public comment working drafts on accounting issues associated with the implementation of the new revenue standard for insurance and software entities.

The insurance working draft provides guidance on the application of the scope exception in the FASB’s guidance in ASC 606-10-15-2 and ASC 606-10-15-4 to contracts within the scope of ASC 944, while the software working draft discusses significant financing components in software arrangements. Comments on the working drafts are due by April 3, 2017.

Review the insurance and software Revenue Recognition Task Force pages on the AICPA’s Web site.

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