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:
- Kenneth Miller, PricewaterhouseCoopers LLP (Co-Chair)
Jim Boessenecker, Chevron
James Bowie, Ernst & Young LLP
Jim Cheng, Exxonmobil
Rocky Horvath, BDO
Jamie McCoy, Eagle Energy Exploration LLC
Sandi Melocik, Exxonmobil
Brandon Sear, Grant Thornton
Jeff Slate, Ernst & Young LLP
Kevin Snyder, ConocoPhillips
John Vickers, Deloitte
Mark Zajac, KPMG LLP
Staff Contact: Fred Gill, firstname.lastname@example.org
IDENTIFIED REVENUE RECOGNITION IMPLEMENTATION ISSUES
Below is a list of potential revenue recognition implementation issues
identified by the Entities with Oil and Gas Producing Activities 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 clarification regarding tariff sales to regulated customers –If in scope, what is term of contract?
||Accounting for contracts with price and/or volume variability –Include strip, step and index pricing as well as considerations around the revenue constraint
||Accounting for contract modifications –Including blend-and-extend modifications (whether they include a financing element) as well as treatment of partial terminations.
||Accounting for bundled arrangements – Focusing on identifying the performance obligations within a bundled sale contract.
||Accounting for sales of non-financial assets – Accounting for dispositions of PP&E as well as partial sales of PP&E (specifically, what is the appropriate unit of account when assessing whether control has transferred in a partial sale).
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 Entities with Oil and Gas Producing Activities Revenue Recognition Task Force recommends the following AICPA products for current revenue recognition issues: