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AICPA issues seven revenue working drafts

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Sep 06, 2017

On September 6, 2017, the AICPA’s revenue recognition task forces released for public comment seven working drafts on accounting issues associated with the implementation of the new revenue standard for aerospace and defense, asset management, broker-dealer, engineering and construction, power and utility, software, and time-share entities.

The working drafts address the following topics:

  • Disclosure requirements (aerospace and defense and engineering and construction)
  • Costs of managing investment companies (asset management)
  • Soft-dollar revenue (broker-dealers)
  • Revenue recognition for fixed-price contracts (power and utilities)
  • Determination of whether a customer’s right to acquire additional users/copies of a delivered software product constitutes an option to acquire additional software rights or variable consideration related to software rights already purchased (software)
  • Principal-versus-agent considerations related to time-share interval sales (time shares)

Comments on the working drafts are due by November 1, 2017.

For more information, see the revenue recognition page on the AICPA’s Web site.

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