For those seeking specialized assistance with the new revrec guidance (guidance for the guidance, you might say, and we can’t believe we just did), the American Institute of CPAs (AICPA) remains the go-to resource.
Continuing the organization’s ongoing effort of throwing very specific lifelines for those struggling with implementation efforts for incoming ASC 606, the group’s Financial Reporting Executive Committee recently released a new batch of working drafts for feedback, per a new article in Accounting Today.
These latest drafts, for the airlines, gaming, health care and telecommunications industries in this round, are to be incorporated in an overall revenue recognition guide published by the global accounting group. Drafts – built upon feedback from industry-specific task forces created once the immense complexity of the transition task-at-hand was grasped – are part of the organization’s overall strategy of compiling a single Accounting Guide on Revenue Recognition.
Feedback on these drafts must be submitted by Sept. 1, 2017.