Revenue Recognition - Audit and Accounting Guide
This publication addresses key accounting implementation issues related to Topic 606, Revenue from Contracts with Customers and related updates through FASB ASU No. 2016-12. At its completion, the guide will include 16 industry-specific chapters that address accounting implementation issues, and provide industry- specific illustrative examples of how to apply the new standard. It will also provide in-depth coverage of audit considerations from risk assessment and planning to execution of the audit.
In light of the material changes resulting from this standard, it will require significant analysis and preparation well in advance of the effective date for all financial reporting based on US GAAP. For that reason, the AICPA is offering two options to quickly deliver finalized implementation issues as quickly as possible. Those options include:
- an annual online subscription available via our online professional library, or
- combination print/PDF, which includes completed chapters as of January 2017 in print as well as online PDF access to finalized implementation issues.
Accounting and auditing content of this guide will be updated as implementation issues are finalized, and can be tracked via the link below.
- Key accounting provisions of FASB ASC 606
- Comprehensive coverage of audit considerations specific to revenue transactions, including controls, audit risk, fraud, and management estimates. Content for audit considerations developed by task force comprised of highly experienced industry experts.
- As mentioned below, this is also the first publication to introduce the efforts of the AICPA’s 16 industry task forces that were created to address industry-specific accounting issues as a result of the issuance of the new standard.
- FASB ASC 606 (FASB ASU No. 2014-09)
- FASB ASU No. 2016-08
- FASB ASU No. 2016-10
- FASB ASU No. 2016-12
Who Will Benefit
Accountants and auditors who need to understand the latest guidance on revenue recognition
This guide has been developed by leading experts across the profession to provide the most comprehensive and reliable implementation guidance, including 16 industry task forces dedicated to unraveling complexities of this new standard. The current status of all implementation issues can be found here. Accounting guidance has been reviewed by the Planning Subcommittee of the AICPA’s Financial Reporting Executive Committee (FinREC), and, as always, auditing guidance in AICPA audit and accounting guides are issued under the authority of the Auditing Standards Board (ASB) and therefore considered authoritative guidance.