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AICPA delivers more revenue recognition working drafts

Tammy Whitehouse | October 18, 2017

In the ongoing movement to new methods for recognizing revenue in financial statements, the American Institute of Certified Public Accountants has issued yet more new guidance for companies to consider.

The AICPA’s Financial Reporting Executive Committee issued 20 new “working drafts” that address various implementation issues companies have raised. FinREC’s 16 industry task forces are amassing and sharing views on how to apply the new principles-based revenue recognition standard to specific sectors that are accustomed to the industry-specific accounting methods under current GAAP.

FinREC is looking for public comment on the latest batch of working drafts so they can be incorporated into the AICPA’s...

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