Gaming Audit & Accounting Guide

Ensure you have the most current authoritative guidance when auditing in the Gaming industry.

The AICPA Gaming Audit & Accounting Guide is developed by leading experts from industry and public practice. It summarizes new standards, guidance, and practices and delivers “how-to” guidance on handling audit and accounting issues common to entities in the Gaming industry. It explains the accounting and auditing for many types of Gaming industry issues, including up-to date information such as recently issued Accounting Standards Updates and GASB Statements and their effect on the industry.

This AICPA Audit and Accounting Guide has been fully conformed to reflect the new standards resulting from the Clarity Project. Fully incorporating the clarified auditing standards into this edition of the guide enables auditors to further their understanding of these recently issued auditing standards, as well as begin updating their audit methodologies, resources, and tools prior to the clarified auditing standards’ effective date. Additionally, this approach gives auditors the opportunity to review and understand the changes made by their third-party audit methodology and resource providers, if applicable. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits).

This guide includes relevant guidance contained in applicable standards and other technical sources. The guide offers clear and practical guidance on recent developments in areas such as jackpot liabilities, loyalty and incentive programs, guarantees, and governmental gaming entities. Other helpful industry coverage includes the New Jersey Casino Redevelopment Authority,  Currency Transaction Reporting in the Gaming Industry, and analytical procedures and internal controls unique to the gaming industry. All content is reviewed by industry experts and the appropriate AICPA senior committee(s).

Updates significant to this edition include technical guidance contained in:

• Implementation of FASB ASU No. 2010-16, Entertainment—Casinos (Topic 924): Accruals for Casino Jackpot Liabilities—a consensus of the FASB Emerging Issues Task Force
• GASB Statement No. 65, Items Previously Reported as Assets and Liabilities
• GASB Statement No. 63, Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position
• GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements
• GASB Statement No. 61, The Financial Reporting Entity: Omnibus an amendment of GASB Statements No. 14 and No. 34
• Updated illustrative financial statements
• Updated illustrative auditor’s reports

Note: While auditors should continue to use the previous edition of this guide (2011 edition) until the clarified auditing standards become effective, now is the time to prepare for the clarified standards.

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