NAA2517. Revenue Recognition Accounting and Auditing - Expanded Discussion
This session will take a deeper dive into common issues, aiding in your identification of proper applications of the principles of ASC 606. The session will also illustrate how to perform efficient and effective audit procedures as outlined in the AICPA A&A Guide, Revenue Recognition.
From the accounting side, Center for Plain English Accounting (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.
Additionally, Lynford Graham will conduct a brief review of the various revenue recognition auditing strategies, techniques, and their impact on testing auditing revenue. Learn how to adapt these strategies to various business and industry revenue recognition practices. Dr. Graham is a former Auditing Standards Board (ASB) member and chair of the auditing section of the AICPA A&A Guide, Revenue Recognition.
Learning Objectives:
- Determine common recognition and measurement risks related to revenue recognition for private companies.
- Differentiate between the various audit strategies and their impact on auditing revenue.
- Analyze how industry and entity revenue recognition differences require strategy modifications.