Timeshare Entities 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:

  • Melanie Giorno, Ernst & Young LLP (Co-Chair)
  • Phil Nix, Deloitte & Touche LLP (Co-Chair)
  • Kathy Pighini, Marriott Vacations Worldwide (Co-Chair)
  • Verne Bragg, Grant Thornton LLP
  • Sonya Dixon, Holiday Inn Club Vacations
  • Michael Duncan, Wyndham Vacations Ownership Inc.
  • Tom Durkee, Withum
  • Lisa Gann, Diamond Resorts International
  • Allen Klingsick, Hilton Worldwide
  • Raymond Lopez, Bluegreen Corporation
  • Paula Morabito, Morabito Consulting
  • Lori Overholt, VSA Resorts
  • Bill Powell, BDO USA LLP
  • Patrick Ryan, KPMG LLP
  • Donald "Bud" Swartz, PricewaterhouseCoopers LLP
  • Tracy Willis, Disney
Staff Contact: Jennifer Clayton, jclayton@aicpa.org

IDENTIFIED REVENUE RECOGNITION IMPLEMENTATION ISSUES

Below is a list of potential revenue recognition implementation issues identified by the Timeshare 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).

Issue # Description of Implementation Issue Status
1 Identify the Performance Obligations
This implementation issue discusses considerations for evaluating collectibility of sales of time-sharing interests, including determining whether collection of the transaction price is probable at contract inception and identifying and accounting for amounts as variable consideration in determining collectibility of the transaction price.
Collectability
This implementation issues discusses considerations for identifying performance obligations within time-share sales contracts.
Submitted to FinREC - November 2016
2 Collectability
This implementation issues discusses considerations for identifying performance obligations within time-share sales contracts.

Submitted to AICPA RRWG
3 Application of the Percentage of Completion

4 Reversionary Interests/Ground Leases/Term Products

5 Gross versus Net Reporting: Fee for Service/Club/Incentives

6 Management Fee Agreements
This implementation issue will discuss accounting for management fee agreements, including gross versus net reporting for cost reimbursements.

Submitted to AICPA RRWG
7 Satisfaction of Performance Obligations
8 Accounting for Owner Associations

9 Contract Costs


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





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