AICPA issues 12 revenue working drafts
Jun 06, 2017
On June 6, 2017, the AICPA’s revenue recognition task forces have released for public comment 12 working drafts on accounting issues associated with the implementation of the new revenue standard for asset management, engineering and construction, gaming, health care, hospitality, and software entities.
The working drafts address the following topics:
- Management fee revenue, management fee waivers, incentive or performance fee revenue, and incentive-based capital allocations (asset management)
- Impact of termination for convenience on contract duration (engineering and construction contractors)
- Income statement presentation of wide-area progressive operators’ fees, participation and similar arrangements, and accounting for loyalty points redeemed with third parties (gaming)
- Presentation and disclosure (health care)
- Consideration to customer (key money) (hospitality)
- Transfers of control for distinct software licenses and considerations in estimating stand-alone selling prices (software)
Comments on the working drafts are due by August 1, 2017.
Review the revenue recognition page on the AICPA’s website.
