This guide on revenue recognition encompasses the efforts of the AICPA's 16 industry task forces that were created back in 2014 to address industry-specific accounting implementation issues as a result of the issuance of the new standard.
Implementation of Topic 606 is expected to be challenging, due to significant changes from current guidance and the importance of revenue recognition to the financial statements of most entities.
Comprehensive coverage of audit considerations specific to revenue transactions, including controls, audit risk, fraud, and management estimates. Content for audit considerations developed by highly experienced industry experts.
As mentioned above, this is also the first publication to introduce the efforts of the AICPA's 16 industry task forces that were created to address industry-specific accounting issues as a result of the issuance of the new standard.
ASC 606, Revenue from Contracts with Customers, replaces almost all previously existing revenue recognition guidance, including industry-specific guidance. That means unprecedented changes, affecting virtually all industries and all size organizations.
This authoritative guide will help preparers and auditors unravel the complexities of the new standard and avoid areas of concern.
For preparers, this guide provides the comprehensive, reliable accounting implementation guidance you need to unravel the complexities of this new standard.
For practitioners, it provides in-depth coverage of audit considerations, including controls, fraud, risk assessment, and planning and execution of the audit. Recent audit challenges are spotlighted to allow for advance planning in avoiding these new areas of concern.
This guide includes 16 industry-specific chapters for
the following industries
This guide has been developed by leading experts across the profession to provide the most comprehensive and reliable implementation guidance, including 16 industry task forces dedicated to unraveling complexities of this new standard. The current status of all implementation issues can be found here. Accounting guidance has been reviewed by the Planning Subcommittee of the AICPA’s Financial Reporting Executive Committee (FinREC), and, as always, auditing guidance in AICPA audit and accounting guides are issued under the authority of the Auditing Standards Board (ASB) and therefore considered authoritative guidance.