Asset Management and Investment Companies 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:

    • Chad B. Gazzillo, KPMG LLP (Chair)
    • Mike Barkman, Ernst & Young LLP
    • Rajan Chari, Deloitte & Touche LLP
    • David Elizandro, BNY Mellon
    • Timothy J. Lorber, Legg Mason & Co., LLC
    • Christopher May, PricewaterhouseCoopers LLP
    • James McDonald, BlackRock, Inc
    • Lindsey Oshita, Franklin Resources, Inc.
    • John Stomper, Grant Thornton LLP
    • Tracy Whetstone, McGladrey LLP
    Staff Contact: Irina Portnoy,


    Below is a list of potential revenue recognition implementation issues identified by the Asset Management and Investment Companies Revenue Recognition Task Force. The list will be updated as the task force continues its 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 Who is the customer?
    • This implementation issue will discuss considerations needed when assessing whether a contract exists between an asset manager and customer, and identifying who the customer is (the investor or the fund)?
    2 Management fee revenues
    • Recognition of management fee revenue. This implementation issue will discuss when and how to recognize revenue from management fees, including unitary fees, under the new model.
    3 Fee waivers / Fund Expense Reimbursements
    • Accounting for management fee waivers and customer expense reimbursements. This implementation issue will discuss how to account for management fee waivers and customer expense reimbursements in asset management contracts.

    4 Costs to fulfill and costs to obtain a contract, including launch costs, ongoing servicing expense, and sales bonus expense
    5 Performance fee revenues (including carried interest)
    6 Contingent deferred sales charge revenue ("CDSC")
    7 Deferred distribution commission expenses (back end load funds)
    8 Broker-Dealer Revenue Recognition issues (provide feedback and consider industry specifics, as needed)


    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 by the dates noted below:

    Issue # Comment Due Date

    The Investment Companies Revenue Recognition Task Force and the Investment Companies Expert Panel recommend the following AICPA products for current revenue recognition issues:

    A A A

    Copyright © 2006-2015 American Institute of CPAs.