Depository and Lending Institutions Revenue Recognition Task Force 


    AICPA Revenue Recognition Task Forces are charged with developing revenue recognition implementation issues that will provide helpful hints and illustrative examples for how to apply the new Revenue Recognition Standard.

    Task Force Members:

    • Paul Bridge, BDO (Chair)
    • Sydney Garmong, Crowe Horwath LLP
    • Dom Guiffrida, Ernst & Young LLP
    • Todd Sprang, Clifton Larsen Allen
    • Markus Veith, Grant Thornton LLP
    • Mike Lundberg, McGladrey LLP
    • Kristin Derington-Ruiz, PricewaterhouseCoopers LLP
    • Mike Pierce, KPMG LLP
    • Karen Proitetti, Capital One
    • Xihao Xu, TD Bank
    • David Elizandro, BNY Mellon
    • Meredity Canady, American Express
    Staff Contact: Salome J Tinker, sjtinker@aicpa.org

    IDENTIFIED REVENUE RECOGNITION IMPLEMENTATION ISSUES

    Below is a list of potential revenue recognition implementation issues identified by the Depository and Lending Institutions Revenue Recognition Task Force. The list will be updated as the task force continues it discussions. Full revenue recognition implementation issues will be posted below for informal comments after review by the AICPA Financial Reporting Executive Committee (FinREC).

    Issue # Description of Implementation Issue
    1 Fees Scoped out of the guidance:
    • Recognition of loan origination fees
    • Mortgage servicing rights
    • Mortgage interest, fixed and variable rate
    2 Fees that are not scoped out under existing guidance
    • Points paid for interest rate lock commitments
    • General bank service charges, including online, month fees, NSF, etc.
    • Bundles that include a service-based fee arrangement and a financial instrument (e.g., a discount or waiver of a depository account service charge if the customer has a credit card or loan outstanding or some other similar arrangement
    3 Are credit card fees within the scope?
    4 Application of the new guidance to credit card reward or customer loyalty programs including the determination of whether fulfilling the program represents a separate performance obligation
    5 Interaction of standard with FAS 91 language
    6 Services that credit card provides (concierge, lounge access) pattern of obligation
    7 OREO: The underlying principles of ASC 360-20 provide that full profit on a real estate sale could be recognized if the profit was determinable and the earnings process was virtually complete
    8 Wealth /Assets Under Management Fees/ Trust Fees: Deferred distribution commission expenses (“back-end load funds”)
    9 Investment Management Revenue Recognition Accounting Issues - See Asset Management Task Force
    10 Broker Dealer Revenue Recognition Accounting Issues - See Brokers-Dealers Task Force


    FEEDBACK REQUESTED

    Draft Revenue Recognition Implementation Issues included for informal comment, when available, will be listed below.

    Respondents should submit any comments including the implementation issue number to revreccomments@aicpa.org by the dates noted below:

    Issue # Comment Due Date


    The Depository and Lending Institutions Revenue Recognition Task Force and the Depository and Lending Institutions Expert Panel recommend the following AICPA products for current revenue recognition issues:



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