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.