New Expanded Edition Covers both Accounting and Auditing
This year's expanded edition addresses key concepts in revenue recognition from both an accounting and auditing perspective. The past year's accounting updates are covered, as well as criteria for recognizing revenue and related costs, new disclosure requirements, and a comparison to existing FASB rules to allow for an effective transition once the new rules become effective.
Also included are more than 50 pages of audit guidance specific to revenue transactions; including internal controls, audit risk, fraud, and management estimates. An analysis of how auditors will be impacted by the new requirements is also provided.
The new guidance is broken down into five essential steps that will provide a clear, solid framework for moving forward under the new standard. Links to helpful online tools and resources are included.
Comprehensive coverage of the new framework, including accounting guidance, as well as audit considerations
Key provisions of Topic 606
5-step implementation guidance
An understanding of the impact on current accounting and tax practices
Topic 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
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting profession nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards.
The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public interest.