Some of the trickiest questions yet in adopting the new revenue recognition standard are addressed in new drafts of proposed accounting guidance issued by a committee of the American Institute of Certified Public Accountants.
The AICPA’s task forces on software, telecommunications, asset management, and gaming have issued seven new working drafts to explain the consensus views among task force participants on how to address some of the most challenging aspects of the new standard. The Financial Reporting Executive Committee of the AICPA has published the new working drafts to seek public views through Dec. 5, adding to earlier drafts meant to help companies sort out what to do as they work to adopt the new rules.
