Webcast: Revenue Recognition for Private Entities 26-27

Overview

Revenue involves significant risks that warrant special consideration during audits. The Financial Accounting Standards Board (FASB) has issued a new standard—“Revenue from Contracts with Customers” that replaces most industry-specific revenue recognition requirements in US GAAP. A new principles-based, five-step revenue recognition model now applies. Recent disclosures of qualitative and quantitative information, significant judgments, and changes in judgments are also required. New systems, processes, and controls may be needed. Poor design or implementation may pose heightened risks of material misstatement, including those due to fraud.

Highlights

Analysis of requirements for lease accounting under ASC 842, including detailed schedules showing journal entries and computations Analysis of internal control and fraud risk aspects Identification of high-risk areas of lease accounting and reporting Suggested audit and review procedures for identified risks

Prerequisites

 None

Designed For

 CPAs and auditors

Objectives

Recognize details of revenue transactions with customers that require special attention or revision in the recognition process Determine appropriate areas where revenue transactions present the highest risk for material misstatements in the financial statements Identify approaches to perform appropriate audit procedures of the revenue recognition process, including testing of individual transactions

Preparation

 None