The American Institute of Certified Public Accountants’ (AICPA) Revenue Recognition Task Forces have been issuing industry specific guidance related to Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. Several of these issues relate specifically to fund managers and should be considered when implementing the new revenue recognition standard.
Identification of issues for fund managers with implementation
To help provide ASC 606 implementation resources to the affected industries, the AICPA created industry-specific revenue recognition task forces. The Asset Management Revenue Recognition Task Force, comprised of leaders from various accounting firms and investment management companies, identifies potential implementation issues and provides helpful insight / examples to assist companies in implementation.
The task force identified nine key areas that have potential implementation issues for fund managers.
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