AICPA issues additional revenue working drafts
Jan 06, 2017
In January 2017, the American Institute of Certified Public Accountants’s (AICPA) Revenue Recognition Task Force released for public comment four working drafts on accounting issues associated with the implementation of the new revenue standard for the following industries: aerospace and defense, telecommunications, and time shares.
The aerospace and defense working draft provides guidance on contract modifications, the working draft for time-share entities discusses performance obligations, and the two working drafts for the telecommunications industry address (1) separate performance obligations and (2) stand-alone selling prices. Comments on the working drafts are due by March 1, 2017.
For more information, see the aerospace and defense, telecommunications, and time-share Revenue Recognition Task Force pages on the AICPA’s Web site.
