FASB Flash Report - 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. Full details and additional AICPA resources are available here. 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
Gaming	Issue #6-4: Accounting for Base and Incremental Progressive Jackpots Amounts
Software	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
Telecommunications	Issue #15-12: Disclosure and Transition

The BDO Revenue Recognition Resource Center can be accessed here. 

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For questions related to matters discussed above, please contact Ken Gee, Angela Newell, Gautam Goswami.