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AICPA Issues Final Set of Rev Rec Topics

AICPAThe Financial Reporting Executive Committee of the American Institute of CPAs has issued working drafts of several accounting issues. The drafts are issues related to the implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers.

The working drafts discuss helpful considerations for the Gaming and Telecommunications industries. Comments are due July 2.  The topics are the following: Gaming #6-9B: Gaming Entity’s Accounting for Management Contract Revenues, Including Costs Reimbursed by Managed Properties and Telecommunications #15-3: Contract Modifications.

 Final revenue recognition implementation issues will be included in the AICPA’s Revenue Recognition Guide.


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