Jul 12, 2016
From the Financial Reporting View
The AICPA recently proposed for comment accounting issues papers related to implementing FASB ASC Topic 606, Revenue from Contracts with Customers. The issues papers provide illustrative examples and address industry-specific considerations about nine industries:
- Aerospace and defense;
- Asset management;
- Broker and dealers in securities;
- Engineering and construction contractors;
- Gaming entities;
- Health care entities;
- Not-for-profit entities; and
- Software entities.
The AICPA’s industry task forces will consider comments and complete the issues papers, which the AICPA is expected to issue in a non-authoritative revenue recognition implementation guide in 2017.
The comment period ends September 1.