Revenue Recognition for CPAs
The new revenue recognition standard is set to take effect in less than a year, and the AICPA has just published its primer, Audit & Accounting Guide on Revenue Recognition. This new publication gives specific guidance as the new standard pertains to several different industries. In a new article for AccountingWeb, Terry Sheridan shares some of the highlights addressed in the new guide:
Key aspects of the auditor’s responsibility to plan and perform an audit under Generally Accepted Auditing Standards.
The circumstances and transactions that may signal improper revenue recognition.
The responsibilities of management, directors, and audit committees for reliable financial reporting.
Procedures that auditors may find effective in limiting audit risk arising from improper revenue recognition.
To read more, see Sheridan’s article from AccountingWeb.