Audit and Accounting Guide : Revenue Recognition 2019

Content: Intro
 Audit and Accounting Guide: Revenue Recognition
 Preface
 Table of Contents
 Chapter 1 General Accounting Considerations
 Introduction
 Authoritative Status and Effective Date
 Transitioning to the New Standard
 Post-Standard Activity
 Overview of FASB ASU No. 2014-09, Revenue from Contracts with Customers
 Step 1: Identify the Contract With a Customer
 Step 2: Identify the Performance Obligations in the Contract
 Step 3: Determine the Transaction Price
 Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance ObligationCosts to Obtain or Fulfill a Contract With a Customer
 Incremental Costs of Obtaining a Contract
 Costs of Fulfilling a Contract
 Disclosures
 Other Topics
 Presentation of Contract With a Customer
 Sale With a Right of Return
 Warranties
 Principal Versus Agent
 Customer Options for Additional Goods or Service --
Material Rights
 Customer\'s Unexercised Rights
 Nonrefundable Upfront Fees
 Licensing
 Repurchase Agreements
 Consignment Arrangements
 Bill-and-Hold Arrangements
 Customer Acceptance Third-Party Extended Service Warranty Contracts Within the Scope of FASB ASC 606Chapter 2 General Auditing Considerations
 Introduction
 Auditing the Five-Step Model of FASB ASC 606
 Step 1: Identify the Contract(s) With a Customer
 Step 2: Identify the Performance Obligations in the Contract
 Step 3: Determine the Transaction Price
 Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract
 Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation
 Auditing Considerations in the Adoption and Transition to FASB ASC 606 General Audit Considerations Over Revenue RecognitionRisk Assessment and Fraud Risk Under FASB ASC 606
 Audit Planning
 Assignment of Personnel and Supervision
 Establishing an Overall Strategy
 Audit Risk
 Understanding the Entity and Risk Assessment
 Inquiry
 Reading and Understanding Contracts
 Reviewing Process Narratives and Process Flow Diagrams
 Reviewing Internal Control Manuals, Policy Manuals, or Similar Documentation
 Discussion Among the Audit Team
 Assessing the Risks of Material Misstatement
 Identification of Significant Risks Specific Audit Considerations Over Revenue RecognitionSide Agreements
 Channel Stuffing
 Related-Party Transactions
 Significant Unusual Transactions
 Nature of Business and Accounting for Revenue
 Potential Accounting Misstatements
 Identify the Contract With the Customer
 Identify the Performance Obligations in the Contracts
 Determine the Transaction Price
 Allocate the Transaction Price to the Performance Obligations
 Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation
 Consideration of Fraud as it Relates to Revenue