The American Institute of CPAs’ Financial Reporting Committee has released a new working draft on how telecommunications companies can deal with an issue related to the new revenue recognition standard.
The Financial Accounting Standards Board and the International Accounting Standards Board released the revenue recognition standard in 2014. It will take effect for annual periods beginning after Dec. 15, 2017 for public companies and Dec. 15, 2018 for private companies. To help with the transition, the AICPA FinREC has been producing documents to help various industries deal with different revenue recognition issues since the standard itself eliminates most industry-specific rules. The latest one is a
Separately, the AICPA released guidance last week on internal controls relevant to audits.