Industry Task Force Formation for Revenue Recognition

The AICPA has formed 16 industry task forces to help develop a new Accounting Guide on Revenue Recognition that will provide illustrative examples of how to apply the new Revenue Recognition Standard. The industries involved with this project are:

Based on the work of the industry task forces and review of the AICPA’s Revenue Recognition Working Group, 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 your feedback. 

Download a summary of current issues and their status.

For more information on government contracting accounting, please contact Ricky White, CPA at 703.652.1124 or please feel free to leave us a message below.

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Material discussed in this article is meant to provide general information and should not be acted on without professional advice tailored to your firm’s individual needs.

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