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FinREC unveils 4 more revenue recognition working drafts

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Jul 03, 2017

On July 3, 2017, the AICPA Financial Reporting Executive Committee (FinREC) issued another batch of working drafts of accounting issues related to the implementation of FASB’s new revenue recognition standard.

The AICPA is collecting feedback on the working drafts as part of its ongoing work to develop a new revenue recognition guide.

The four working drafts released are:

  • Airlines: Issue No. 2-1, Regional Contracts.
  • Gaming: Issue No. 6-5, The Timing for Recognition of the WAP Operator’s Liability for Base Progressive and Incremental Progressive Jackpot Amounts.
  • Health Care: Issue No. 8-8, Consideration of FASB ASC 606, Revenue From Contracts With Customers, for Third Party Settlement Estimates.
  • Telecommunications: Issue No. 15-10, Miscellaneous Fees.

The deadline for informal feedback on the implementation issues is September 1, 2017.

Review a press release on the Journal of Accountancy's website.

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