In an update on the work of the American Institute of Certified Public Accountant’s 16 separate industry-focused task forces that are working through industry-specific questions on how to apply the new revenue recognition principles, the AICPA says it has identified more than 150 issues that merit attention. Only a dozen of the issues have been referred to the Financial Accounting Standards Board’s Transition Resource Group, which is helping work through implementation questions and is determining what questions should referred to FASB for clarifying standard setting. Beyond the dozen, arising from a number of different industry task forces, a few more issues have been reported to FASB for suggested technical correction.
Nearly 90 of the issues identified by the 16 task forces have been submitted to an umbrella AICPA working group on revenue recognition, and nearly 50 have been submitted to AICPA’s Financial Reporting Executive Committee for their respective attention and views. In addition to those issues that have been referred to other groups, the task forces have issued nearly 30 separate papers for public comment, looking for some cohesive interpretations to assure consistent application of the new rules. Many of those papers are open for public comment through Sept. 1.
