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Revenue Recognition: Audit and Accounting Guide
ASC 606 replaces most existing revenue recognition guidance and brings unprecedented challenges for private companies in 2019. This authoritative guide will help preparers and auditors unravel the complexities of the new standard and avoid areas of concern.

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Product details

Revenue recognition as you know it is over.

Who Will Benefit

  • Accountants and auditors who need to understand the latest guidance on revenue recognition

Key Topics

This guide on revenue recognition encompasses the efforts of the AICPA's 16 industry task forces that were created back in 2014 to address industry-specific accounting implementation issues as a result of the issuance of the new standard.

Implementation of Topic 606 is expected to be challenging, due to significant changes from current guidance and the importance of revenue recognition to the financial statements of most entities.

Comprehensive coverage of audit considerations specific to revenue transactions, including controls, audit risk, fraud, and management estimates. Content for audit considerations developed by highly experienced industry experts.

As mentioned above, 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.

ASC 606, Revenue from Contracts with Customers, replaces almost all previously existing revenue recognition guidance, including industry-specific guidance. That means unprecedented changes, affecting virtually all industries and all size organizations.

This authoritative guide will help preparers and auditors unravel the complexities of the new standard and avoid areas of concern.

For preparers, this guide provides the comprehensive, reliable accounting implementation guidance you need to unravel the complexities of this new standard.

For practitioners, it provides in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit. Recent audit challenges are spotlighted to allow for advance planning in avoiding these new areas of concern.

Updates

  • FASB ASC 606 (FASB ASU No. 2014-09)
  • FASB ASU No. 2016-08
  • FASB ASU No. 2016-10
  • FASB ASU No. 2016-11
  • FASB ASU No. 2016-12
  • FASB ASU No. 2016-20
  • FASB ASU No. 2017-13
  • FASB ASU No. 2018-18
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American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

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