The Financial Accounting Standards Board and International Accounting Standards Board established the Joint Transition Resource Group (TRG) for Revenue Recognition to inform both boards about issues that arise as entities implement the new revenue recognition standard. TRG met for the eighth time in November 2016 and has discussed a wide variety of issues on almost every aspect of the new standard.
While the TRG decisions are nonauthoritative, the U.S. Securities and Exchange Commission (SEC) announced it expects SEC registrants to reflect TRG decisions as they implement the new guidance. Any differences in accounting would need to be discussed with the SEC staff.
Here is a status summary for identified issues that relate to U.S. generally accepted accounting principles. BKD will continue to monitor the revenue recognition standard process.