NAA2517. Revenue Recognition Accounting and Auditing - Expanded Discussion

This session will take a deeper dive into some common issues that will aid in your identification of proper applications of the principles of ASC 606. The session will also illustrate performing efficient and effective audit procedures as outlined in the AICPA A&A Guide, Revenue Recognition. From the accounting side, CPEA Technical Director Thomas Groskopf will cover common recognition and measurement risks related to revenue recognition for private companies. These will include identification of performance obligations, over time recognition requirements, principal/agent considerations, and variable consideration adjustments. Dr Graham also cover a brief review of the various rev rec auditing strategies, techniques, and their impact on testing auditing revenue. We will also cover how to adapt these strategies to various business and industry revenue recognition practices. Presenter Lynford Graham is a former ASB member and chair of the auditing section of the AICPA A&A Guide, Revenue Recognition.

Learning Objectives:

• 1 Learn about common recognition and measurement risks related to revenue recognition for private companies.
• 2. Illustrate the various audit strategies and their impact on auditing Revenue.
• 3. Demonstrate how industry and entity revenue recognition differences require strategy modifications