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.

Updates

• FASB ASC 606 (FASB ASU No. 2014-09)
• FASB ASU No. 2016-08
• FASB ASU No. 2016-10
• FASB ASU No. 2016-11
• FASB ASU No. 2016-12
• FASB ASU No. 2016-20
• FASB ASU No. 2017-13
• FASB ASU No. 2018-18

Technical details

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.