Revenue Recognition 2016
American Institute of Certified Public Accountants (Verlag)
978-1-943546-88-6 (ISBN)
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Accounting and auditing content of this guide will be updated as implementation issues are finalized, and can be tracked via the link below.
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA and accounting professional nationally and globally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups, and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the accounting profession's technical and ethical standards. The AICPA's founding established accountancy as a profession distinguished by rigorous educational requirements, high professional standards, a strict code of professional ethics, a licensing status and a commitment to serving the public trust.
1 General Accounting Considerations .01-.52 Introduction .01-.03 Authoritative Status and Effective Date .04-.12 Transitioning to the New Standard .09-.12 Post-Standard Activity .13-.15 Overview of FASB ASU No2014-09, Revenue from Contracts with Customers .16-.33 Step 1: Identify the Contract with a Customer .18-.20 Step 2: Identify the Performance Obligations in the Contract .21-.24 Step 3: Determine the Transaction Price .25-.26 Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract .27-.29 Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation .30-.33 Costs to Obtain or Fulfill a Contract With a Customer .34-.38 Incremental Costs of Obtaining a Contract .34-.35 Costs of Fulfilling a Contract .36-.38 Disclosures .39-.40 Other Topics .41-.52 Presentation of Contract With a Customer .41 Sale With a Right of Return .42 Warranties .43 Principal versus Agent .44 Customer Options for Additional Goods or Service Material Rights .45 Customer s Unexercised Rights .46 Nonrefundable Upfront Fees .47 Licensing .48 Repurchase Agreements .49 Consignment Arrangements .50 Bill-and-Hold Arrangements .51 Customer Acceptance .52 2 General Auditing Considerations .01-.206 Introduction .01-.05 Auditing the Five-Step Model of FASB ASC 606 .06-.41 Step 1: Identify the Contract(s) With a Customer .08-.15 Step 2: Identify the Performance Obligations in the Contract .16-.23 Step 3: Determine the Transaction Price .24-.31 Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract .32-.38 Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation .39-.41 Auditing Considerations in the Adoption and Transition to FASB ASC 606 .42-.54 General Audit Considerations Over Revenue Recognition .55-.66 Risk Assessment and Fraud Risk Under FASB ASC 606 .67-.100 Audit Planning .68-.69 Assignment of Personnel and Supervision .70-.71 Establishing an Overall Strategy .72 Audit Risk .73-.76 Understanding the Entity and Risk Assessment .77-.84 Inquiry .85-.86 Reading and Understanding Contracts .87 Reviewing Process Narratives and Process Flow Diagrams .88 Reviewing Internal Control Manuals, Policy Manuals, or Similar Documentation .89-.90 Discussion Among the Audit Team .91 Assessing the Risks of Material Misstatement .92-.93 Identification of Significant Risks .94-.100 Specific Audit Considerations Over Revenue Recognition .101-.111 Side Agreements .101-.102 Channel Stuffing .103 Related-Party Transactions .104-.108 Significant Unusual Transactions .109 Nature of Business and Accounting for Revenue .110-.111 Potential Accounting Misstatements .112-.120 Identify the Contract With the Customer .114-.115 Identify the Performance Obligations in the Contracts .116 Determine the Transaction Price .117 Allocate the Transaction Price to the Performance Obligations .118 Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation .119-.120 Consideration of Fraud as it Relates to Revenue .121-.128 Discussion Among Engagement Personnel Regarding the Risks of Material Misstatement Due to Fraud .126-.127 The Importance of Exercising Professional Skepticism .128 IFRS 15 Versus FASB ASC 606 .129 The Role of Controls Over Financial Reporting in Revenue Recognition .130-.147 Control Environment .132-.137 Risk Assessment .138-.141 2 General Auditing Considerations continued Control Activities .142-.143 Information and Communication .144-.145 Monitoring .146-.147 Obtaining Audit Evidence .148-.176 Types of Substantive Procedures .151-.158 Potential Issues in Obtaining Audit Evidence .159 Audit Evidence Related to the Five Steps of Revenue Recognition Under FASB ASC 606 .160-.176 Auditing Estimates .177-.181 Potential Area of Focus Management Bias .180-.181 Management Representations .182-.186 Independence .187-.196 Consultation .189-.191 Situations in Which Auditors Can Assist During Transition .192-.196 Disclosures .197-.198 Smaller Entities .199 Audit Documentation .200-.206 Appendix A Overview of Statements on Quality Control Standards
| Erscheinungsdatum | 20.03.2017 |
|---|---|
| Reihe/Serie | AICPA Audit and Accounting Guide |
| Verlagsort | NC |
| Sprache | englisch |
| Maße | 153 x 228 mm |
| Gewicht | 148 g |
| Themenwelt | Recht / Steuern ► Steuern / Steuerrecht |
| Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen | |
| Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik | |
| ISBN-10 | 1-943546-88-6 / 1943546886 |
| ISBN-13 | 978-1-943546-88-6 / 9781943546886 |
| Zustand | Neuware |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
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