AICPA Drafts Industry Guidance for Rev Rec Standard

July 6, 2016

In “ AICPA Drafts Industry Guidance for Rev Rec Standard,” Mike Cohn, editor, Accounting Today Online, discusses the set of implementation issues for nine different industries the AICPA will incorporate into a new revenue recognition guide. The Institute is asking for comment on various issues it has identified within the industries.  Cohn also discussed the exposure draft the Institute proposed on ‘going concern’.  The new standard takes into account provisions of the going concern standards issued by FASB, the Governmental Accounting Standards Board, and the International Auditing and Assurance Standards Board.