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:
- Jennifer Austin, KPMG LLP (Chair)
- Steve Belcher, MetLife Insurance Company
- Todd Carling, Aetna, Inc.
- Jason Fehlner , Nationwide Insurance Company
- Jay Golonka, McGladrey LLP
- Margie Keeley, the Hartford Financial Services Group
- Richard Lynch, Ernst &Young LLP
- Joseph Roesler, Allied World Assurance Company
- Bill Rosenberger, JLK Rosenberger LLP
- Mary Saslow, PricewaterhouseCoopers LLP
- Richard Sojkowski, Deloitte LLP
Staff Contact: Kim Kushmerick, firstname.lastname@example.org
IDENTIFIED REVENUE RECOGNITION IMPLEMENTATION ISSUES
Below is a list of potential revenue recognition implementation issues identified by the Insurance Entities 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).
||Description of Implementation Issue
||Scope of health insurance services as it relates to revenue recognition and the application of FASB ASC 954 vs. ASC 944
||Health administrative service contracts with stop loss insurance: allocation of standalone value
||Scope: extended service warranties, ASC 944 vs. ASC 606
||Scope: insurance contracts not under ASC 944
||Servicing Property and Casualty Claims
||Direct-response advertising: ASC 340-20 to ASC 944-30
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 email@example.com by the dates noted below:
The Insurance Entities Revenue Recognition Task Force and the Insurance Entities Expert Panel
recommend the following AICPA products for current revenue recognition issues: