Preparing for the New Revenue Recognition Standard: A Tool for Audit Committees is a tool to help audit committees assess a company’s implementation of the new revenue recognition standard, which will take effect for many public companies on January 1, 2018. The publication is organized into four sections to provide audit committees information that may be helpful as they fulfill their oversight responsibilities and interact with management and external auditors on the subject.
- Understanding the New Revenue Recognition Standard – What Is It?
- Evaluating the Company’s Impact Assessment – How Will Revenue Recognition Change?
- Evaluating the Implementation Project Plan – How Do We Need to Prepare?
- Other Implementation Considerations – What Else Do We Need to Consider?
In addition to key questions for audit committees, the tool offers audit committees a list of certain resources on revenue recognition that have been developed by CAQ member firms and the American Institute of CPAs.