Revenue Recognition 2016

Name: Revenue Recognition 2016
Brand: John Wiley & Sons
SKU: 9781943546886
Price: 2390.00 HKD
Availability: InStock
Author: AICPA
ISBN: 9781943546886

By AICPA

John Wiley & Sons February 2017

Specifications

ISBN-13: 9781943546886
Publisher: John Wiley & Sons
Publication: February 2017
Format: Paperback , 112 pages
Jurisdiction: U.S. ? Countri(es) for reference only

Details

This publication addresses key accounting implementation issues related to Topic 606, Revenue from Contracts with Customers and related updates through FASB ASU No. 2016-12. At its completion, the guide will include 16 industry-specific chapters that address accounting implementation issues, and provide industry- specific illustrative examples of how to apply the new standard. It will also provide in-depth coverage of audit considerations from risk assessment and planning to execution of the audit.

In light of the material changes resulting from this standard, it will require significant analysis and preparation well in advance of the effective date for all financial reporting based on US GAAP. For that reason, the AICPA is offering two options to quickly deliver finalized implementation issues as quickly as possible. Those options include:

an annual online subscription available via our online professional library, or
combination print/PDF, which includes completed chapters as of January 2017 in print as well as online PDF access to finalized implementation issues.

Accounting and auditing content of this guide will be updated as implementation issues are finalized, and can be tracked via the link below.

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

About the Author

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.

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