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PCAOB Issues Guidance for Revenue Recognition Standard

After reviewing implementation of Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers (Topic 606), the Public Company Accounting Oversight Board (“PCAOB”) is responding with a new Staff Audit Practice Alert (“APA”) to provide auditors with interpretive guidance. Released on October 5, APA No. 15, Matters Related to Auditing Revenue From Contracts With Customers, features 20 pages of staff guidance highlighting the PCAOB’s requirements and related considerations for audits. Such considerations include confirmation of management’s transition disclosures in financial statement notes and transition adjustments. The PCAOB said that as implementation of the Financial Accounting Standards Board’s revenue standard. Read More.

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PCAOB Considering Revenue Recognition Interpretive Guidance for Auditors

Auditors could receive interpretive guidance on the Financial Accounting Standards Board’s (“FASB”) revenue recognition standard. Last month, Public Company Accounting Oversight Board (“PCAOB”) Chief Auditor Martin Baumann said a project is in the works to determine what type of guide the board should release concerning Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers (Topic 606). To help public companies implement ASU No. 2014-09, Baumann remarked that the PCAOB is considering releasing an Audit Practice Alert. The PCAOB staff has already reviewed Staff Audit Practice Alert (“APA”) No. 12, Matters Related to Auditing Revenue in an Audit of. Read More.

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