AICPA issues revenue working drafts for broker-dealers and depository and lending institutions
Nov 01, 2016
On November 1, 2016, the American Institute of Certified Public Accountants (AICPA) Revenue Recognition Task Force released for public comment two working drafts on accounting issues associated with the implementation of the new revenue standard for broker-dealers and one working draft for depository and lending institutions.
The broker-dealer working drafts provide guidance on commission income and the trade date versus settlement date with respect to commission income, while the working draft for depository and lending institutions discusses the sale of nonoperating assets. Comments on the working drafts are due by January 2, 2017.
Review the broker-dealers and depository and lending institutions Revenue Recognition Task Force pages on the AICPA’s website.
