Review engagements implementation of ASC 606
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Review engagements implementation of ASC 606

4 years ago ·

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Part of the CPEA ASC 606: Revenue Recognition Series

The new revenue standard is historic in its breadth and impact across industries and will affect all entities—public, private, and not-for-profit—that have contracts with customers. As a result of the new standard, practitioners will face significant challenges, not only in learning about and understanding the standard, but in designing effective review procedures. Advance consultation on the approach management may use, for the first year of implementation and beyond, to comply with the new standard is beneficial.

In this report, we will address how the practitioner may comply with the requirements in the Statements on Standards for Accounting and Review Services (SSARSs), as they relate to the client’s implementation of FASB ASC 606.

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