Audit and Accounting Guide

Chapter 12 Depository Institutions

Notice to Readers

This chapter presents accounting implementation issues developed to assist management of depository institutions in applying FASB Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, and related interpretations from the FASB/IASB Joint Transition Resource Group (TRG).

The AICPA Depository Institutions Revenue Recognition Task Force identified and developed these accounting implementation issues, and the AICPA Revenue Recognition Working Group and AICPA Financial Reporting Executive Committee (FinREC) approved them. They are a source of nonauthoritative accounting guidance for nongovernmental entities.

The accounting implementation issues have been organized within this chapter as follows:

•     In relation to the five-step model of FASB ASC 606, when applicable,

—     Step 1: "Identify the contract with a customer"

—     Step 2: "Identify the performance obligations in the contract"

—     Step 3: "Determine the transaction price"

—     Step 4: "Allocate the transaction price to the performance obligations in the contract"

—     Step 5: "Recognize revenue when (or as) the entity satisfies a performance obligation"

•     By revenue stream

•     As other related topics, starting at paragraph 12.7.01

The following table outlines the accounting implementation issues discussed in this chapter:

Issue Description	Paragraph Reference
Sale of non-operating assets (other real estate owned) Other ...