AICPA issues eleven revenue working drafts
Apr 05, 2017
The AICPA’s revenue recognition task forces have released for public comment eleven working drafts on accounting issues associated with the implementation of the new revenue standard for airlines, gaming, hospitality, and time-share entities.
The working drafts address the following topics:
- Passenger ticket breakage, ancillary fees, interline transactions, brand name and customer lists, interline loyalty transactions, and change fees (airlines).
- Loyalty tier status (gaming).
- Franchise fees, hotel service arrangements, and accounting for owned and leased property (hospitality).
- Collectibility (time shares).
Comments on the working drafts are due by June 1, 2017. For more information, see the revenue recognition page on the AICPA’s Web site.