AICPA Addresses Three Revenue Recognition Implementation Issues

August 10, 2017

AICPA Addresses Three Revenue Recognition Implementation Issues

By Andrew de Labry, CPA
In May 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. The ASU supersedes and replaces nearly all existing GAAP revenue recognition guidance, including industry-specific guidance. Since ASU 2014-09 was issued, there have been numerous updates and clarifications made to aid in complying with the new guidance. The AICPA is currently developing a revenue recognition guide to help implement ASU 2014-09 and has requested public opinion on drafts covering the following three revenue recognition topics:
  1. Depository & Lending Institutions: Issue No. 5-1, Scope Issues
  2. Engineering & Construction Contractors: Issue No. 4-4, Uninstalled Materials
  3. Power & Utility Entities: Issue No. 13-2, Requirements and Similar Contracts with Variable Volumes.
Click [here] to be directed to the AIPCA’s website to read their proposal and provide responses by October 2nd.
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