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Auditing Revenue in Certain Industries - AICPA Audit Guide

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This resource was developed by leading experts from industry and public practice. It provides guidance based on accounting and clarified auditing standards to assist practitioners in addressing audit and accounting issues commonly experienced in revenue recognition in the computer software and high-technology manufacturing industries. This AICPA Audit Guide has been fully updated to reflect the new standards resulting from the Clarity Project.

This guide includes relevant guidance contained in applicable standards and other technical sources. This guide addresses complex revenue recognition issues, including the following:

  • Contract accounting, including construction-type and production-type contracts
  • Indicators of improper revenue recognition
  • Tangible products delivered with software components and non-software components
  • Units of accounting, allocation of arrangement consideration, and VSOE, TPE, and BESP
  • Auditing revenue assertions
  • Auditing revenue transactions in the computer software industry and the high-technology manufacturing industries

Note: The AICPA has formed 16 industry task forces to help develop a new accounting guide on revenue recognition that will provide helpful hints and illustrative examples regarding how to apply the new revenue recognition standard issued in May 2014. The following industries are involved with this project:

  • Airlines
  • Aerospace and Defense
  • Broker Dealers
  • Construction Contractors
  • Depository Institutions
  • Gaming
  • Health Care
  • Hospitality
  • Insurance
  • Investment Companies
  • Not-for-Profit
  • Oil and Gas
  • Power and Utility
  • Software
  • Telecommunications
  • Timeshare

Check out the AICPA Financial Reporting Center, which provides up to date information on the new revenue recognition standard, plus FASB and AICPA activities:

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Paperback , 2012
Product# AAGREV12P
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Auditing Revenue in Certain Industries - AICPA Audit Guide
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