AICPA releases revenue recognition guide

January 4, 2017

The AICPA has issued a new audit and accounting guide on the revenue recognition standard. Accounting Today’s Michael Cohn reported that the online edition of the Audit & Accounting Guide on Revenue Recognition aims to help entities and auditors understand, implement and audit the converged standard released in 2014 by the Financial Accounting Standards Board and the International Accounting Standards Board. Public companies will need to start applying the standard to annual reporting periods beginning after Dec. 15, 2017 and private companies a year later. “This is the first of our online editions on the topic and I anticipate many more updates covering industry-specific considerations in the coming months,” said AICPA FinREC chairman and Crowe Horwath partner James Dolinar in a statement.