Revenue Recognition: Audit and Accounting Guide [Subscription]
This guide is essential for preparers and auditors involved with revenue recognition from contracts with customers, especially those working in any of sixteen industry-specific areas that this guide addresses.
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Understand new guidance
FASB ASC 606, Revenue Recognition
Understand that FASB ASC 606 replaced most existing revenue recognition guidance and brought unprecedented challenges for private companies in 2020.
Unravel the complexities of the new standard and understand how to avoid areas of concern, with guidance from industry experts.
Understand how FASB ASC 606 affects financial statement preparation and audits in the following 16 areas:
- Aerospace and defense
- Asset management
- Construction contractors
- Depository institutions
- Health care
- Oil and gas
- Power and utility
This edition of the guide has been modified by the AICPA staff to include certain changes necessary due to the issuance of authoritative guidance since the guide was originally issued, and other revisions as deemed appropriate. Specifically, AICPA staff has updated the content in chapters one and two to reflect all guidance issued by AICPA and FASB, as applicable, through February 1, 2021. AICPA staff also evaluated guidance issued by FASB through February 1, 2021 to determine potential impact to content in chapters three through eighteen. Updates are reflected in footnotes and do not alter the positions taken by FinREC, which were based on facts and circumstances stated in the guide and supported by guidance in effect at the time the industry implementation papers were finalized, from 2015-2018.
- Preparers of financial statements
- This guide on revenue recognition encompasses efforts of 16 industry task forces focused on application of FASB ASC 606 to common industry-specific scenarios.
- Audit considerations specific to revenue transactions, including controls, audit risk, fraud, and management estimates.
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