AICPA issues five revenue working drafts
Mar 02, 2017
The AICPA’s revenue recognition task forces have released for public comment five working drafts on accounting issues associated with the implementation of the new revenue standard for aerospace and defense, broker-dealer, power and utility, and time-share entities.
The working drafts address the following topics:
- Unit of account in design, development, and production contracts (aerospace and defense).
- Costs associated with underwriting (broker-dealers).
- Costs associated with investment banking advisory services (broker-dealers).
- Tariff sales to regulated customers (power and utilities).
- Management fees (time shares).
Comments on the working drafts are due by May 1, 2017. For more information, see the revenue recognition page on the AICPA’s Web site.