FinREC proposes revenue recognition guidance on employee benefit plans
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FinREC proposes revenue recognition guidance on employee benefit plans

4 months ago · 1 min read

FIRM MEMBER

EXCLUSIVE

The AICPA Financial Reporting Executive Committee (FinREC) is requesting comments on its recently issued working draft of an accounting implementation paper to be included in the AICPA Audit and Accounting Guide, Employee Benefit Plans (Guide), to clarify the applicability of FASB ASC 606, Revenue Recognition, to employee benefit plans.

The proposed guidance clarifies that:

  • Employee and employer contributions are not considered revenue to a plan.

  • For instances in which this "revenue sharing" exists, any amounts paid to the plan

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