AICPA issues 20 revenue working drafts
Oct 03, 2017
On October 3, 2017, the American Institute of Certified Public Accountants’ (AICPA) revenue recognition task forces released for public comment 20 working drafts on accounting issues associated with the implementation of the new revenue standard for airlines, asset management, construction, gaming, health care, oil and gas, power and utilities, and telecommunications entities.
The working drafts address the following topics:
- Timing and classification of commissions in interline transactions (airlines)
- Changes in volume of mileage credits under a co-branded credit card arrangement (airlines)
- Reporting asset management arrangement revenue: gross versus net (asset management)
- Contract costs (construction)
- Loyalty co-branding arrangements (gaming)
- Accounting for racetrack fees (gaming)
- Risk sharing arrangements (health care)
- Revenue recognition of sales of oil and gas (oil and gas)
- Inventories (oil and gas)
- Joint operating agreements (oil and gas)
- Derivative commodity contracts (oil and gas)
- Disclosures (oil and gas)
- Determining the stand-alone selling price for commodities (power and utilities)
- Accounting for blend-and-extend contract modifications (power and utilities)
- Partial terminations (power and utilities)
- Timing of revenue recognition related to sales of electricity and capacity (power and utilities)
- Timing of revenue recognition related to sales of self-generated renewable energy credits (power and utilities)
- Treatment of contributions in aid of construction (power and utilities)
- Income statement presentation of alternative revenue programs (power and utilities)
- Wireless transactions within the indirect channel (telecommunications)
Comments on the working drafts are due by December 1, 2017. For more information, see the revenue recognition page on the AICPA’s Web site.
