FASB Flash Report - October 2016

October 2016

AICPA Requests Feedback on Additional Revenue Recognition Implementation Issues

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The AICPA’s Financial Reporting Executive Committee (FinREC) has issued several additional working drafts that provide industry-specific considerations and illustrative examples related to the implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. Comments on the working drafts are due by December 5, 2016. Once finalized, the AICPA plans to include them in a new revenue recognition guide currently in development based on input from sixteen industry task forces. The individual papers can be found within the links below. The working drafts related to other issues released earlier by FinREC also continue to be available on the AICPA’s website.

The additional working drafts are listed below:
Industry Implementation Issues
Asset Management
  • Issue #10-6: Recognition of Contingent Deferred Sales Charges
  • Issue #6-4: Accounting for Base and Incremental Progressive Jackpots Amounts
  • Issue #14-1: Determining Whether Software Intellectual Property is Distinct in Cloud Computing Arrangements
  • Issue #14-4A: Defining and Identifying Potential Price Concessions
  • Issue #14-4B: Estimating the Standalone Selling Price of Options that are Determined to be Performance Obligations
  • Issue #14-6: Estimating the Standalone Selling Price
  • Issue #15-12: Disclosure and Transition

The BDO Revenue Recognition Resource Center can be accessed here

For questions related to matters discussed above, please contact Ken GeeAngela NewellGautam Goswami