FASB ASU No. 2014-09, Revenue from Contracts with Customers Released
On May 28, 2014, the Financial
Accounting Standards Board (FASB) issued Accounting Standards Update
(ASU) 2014-09, Revenue from Contracts with Customers. The
standard will eliminate the transaction- and industry-specific revenue
recognition guidance under current U.S. GAAP and replace it with a
principle based approach for determining revenue recognition. This
standard has the potential to affect every entity’s day-to-day
accounting and, possibly, the way business is executed through contracts
More information is available in the AICPA's Revenue Recognition area of the Financial Reporting Center.
Clarified Auditing Standards and PCAOB Standards
The AICPA has developed a member benefit resource, included with AICPA Guide publications, which identifies PCAOB standards, or sections of PCAOB standards, that broadly correspond with the clarified auditing standards promulgated by the Auditing Standards Board of the AICPA and contained in Professional Standards. Although, the underlying content within the clarified standards and PCAOB standards may not be analogous, this document should be helpful to practitioners as a general comparison tool. In using this resource, the AICPA encourages users to review the full text of the corresponding PCAOB standards, review the related releases (available in the AICPA’s publication PCAOB Standards and Related Rules or at www.pcaobus.org) and use professional judgment to identify all guidance applicable to their engagements.