AICPA Looking For Feedback on Accounting Standards

The AICPA’s Financial Reporting Executive Committee (FinREC) has issued several working drafts of accounting issues related to the implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, and is requesting feedback.

The working drafts discuss considerations and illustrative examples of industry-specific transactions for telecommunication entities implementing ASU No. 2014-09. Final revenue recognition implementation issues will be included in a new revenue recognition guide that the AICPA is developing.

The AICPA is looking for informal feedback on:

Issue #15-1 – Portfolio Accounting

Issue #15-4 – Accounting for Contract Costs

Email comments to Desiré Carroll at dcarroll@aicpa.orgby Oct. 1.

Read more about the Telecommunications Entities Revenue Recognition Task Force.