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AICPA sets target to review revenue recognition issues

Tammy Whitehouse | January 24, 2017

The accounting professional group working through questions on the new revenue recognition standard is targeting the end of the first quarter to reach at least initial consensus to the last batch of a vast assortment of topics that have been presented for consideration.

The American Institute of Certified Public Accountants has published the first edition of its Audit and Accounting Guide addressing the new revenue recognition standard, but the 157-page guide is far from complete. The guide will eventually contain dialogue contributed by each of the AICPA’s 16 different industry task forces; the initial publishing contains working papers from only two task forces so far — the Aerospace and Defense and the Asset Management groups.

Public companies are facing a Jan. 1, 2018, deadline to implement the...

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