AICPA Intensifies Development of Revenue-Rule Guidance

January 18, 2017

Bloomberg BNA reports that the AICPA is gearing up to issue comprehensive, best-practices guidance by the end of 2017 to help companies and auditors follow new rules on revenue recognition that become effective next year. “Here we are, it's crunch time and we need to really make sure we're in a position to give everybody what they really need in time” for the effective date of the revenue accounting standard, James Dolinar, who chairs the AICPA’s Financial Reporting Executive Committee, told the publication’s Steve Burkholder.

As of Jan. 18, the AICPA's special revenue recognition working group has dealt with more than 75 percent of topics and potential accounting questions identified by industry task forces, said Kim Kushmerick, an AICPA senior technical manager and leader of the group's revenue recognition team. “We are pushing very hard” to get the remaining 25 percent of issues addressed by the end of March, Kushmerick added.