New Expanded Edition Covers both Accounting and Auditing
This year's expanded edition addresses key concepts in revenue recognition from both an accounting and auditing perspective. The past year's accounting updates are covered, as well as criteria for recognizing revenue and related costs, new disclosure requirements, and a comparison to existing FASB rules to allow for an effective transition once the new rules become effective.
Also included are more than 50 pages of audit guidance specific to revenue transactions; including internal controls, audit risk, fraud, and management estimates. An analysis of how auditors will be impacted by the new requirements is also provided.
The new guidance is broken down into five essential steps that will provide a clear, solid framework for moving forward under the new standard. Links to helpful online tools and resources are included.
Key Benefits:
Comprehensive coverage of the new framework, including accounting guidance, as well as audit considerations Key provisions of Topic 606 5-step implementation guidance An understanding of the impact on current accounting and tax practices Updates:
Topic 606 (FASB ASU No. 2014-09) FASB ASU No. 2016-08 FASB ASU No. 2016-10 FASB ASU No. 2016-12 Who Will Benefit?
Accountants and auditors who need to understand the latest guidance on revenue recognition
