Book description
NoneTable of contents
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1General Accounting Considerations
- Introduction
- Authoritative Status and Effective Date
- Post-Standard Activity
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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 Obligation
- Costs to Obtain or Fulfill a Contract With a Customer
- Disclosures
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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 606
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2General Auditing Considerations
- Introduction
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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 Recognition
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Risk 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 Recognition
- Potential Accounting Misstatements
- Consideration of Fraud as it Relates to Revenue
- IFRS 15 Versus FASB ASC 606
- The Role of Controls Over Financial Reporting in Revenue Recognition
- Obtaining Audit Evidence
- Auditing Estimates
- Management Representations
- Independence
- Disclosures
- Smaller Entities
- Audit Documentation
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3Aerospace and Defense Entities
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Application of the Five-Step Model of FASB ASC 606
- 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 Satisfied a Performance Obligation
- Other Related Topics
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Application of the Five-Step Model of FASB ASC 606
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4Asset Management
- Application of the Five-Step Model of FASB ASC 606
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Revenue Streams
- Recognition of Contingent Deferred Sales Charges
- Management Fee Revenue, Excluding Performance Fee Revenue
- Incentive or Performance Fee Revenue, Excluding Incentive-Based Capital Allocations (Such as Carried Interest)
- Incentive-Based Capital Allocations
- Asset Management Arrangement Revenue — Gross Versus Net
- Other Related Topics
- 5Brokers and Dealers in Securities
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6Gaming Entities
- Application of the Five-Step Model of FASB ASC 606
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Revenue Streams
- Definitions: The Terms Win and Gross Gaming Revenue
- Loyalty Credits and Other Discretionary Incentives (Excluding Status Benefits)
- Accounting for Loyalty Points Redeemed With Third Parties
- Accounting for Loyalty Co-branding Arrangements
- Accounting for Management Contract Revenues, Including Costs Reimbursed by Managed Properties
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Other Related Topics
- Accounting for Jackpot Insurance Premiums and Recoveries
- Accounting for Gaming Chips and Tokens
- Net Gaming Revenue
- Gaming Operator’s Accounting for Base Progressive and Incremental Progressive Jackpot Amounts
- Promotional Allowances
- Participation and Similar Arrangements
- Income Statement Presentation of Wide Area Progressive Operators’ Fees Received From Gaming Entities
- Recognition of the WAP Operator’s Liability for Base Progressive and Incremental Progressive Jackpot Amounts
- Accounting for Racetrack Fees
- Disclosures — Contracts With Customers
- Gaming Entity’s Costs to Obtain a Management Contract
- 7Health Care Entities
- 8Not-for-Profit Entities
- 9Software Entities
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10Airlines
- Application of the Five-Step Model of FASB ASC 606
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Revenue Streams
- Interline Transactions — Identifying Performance Obligations for Air Travel (Including at the Segment Versus Ticket Level) and Principal Versus Agent Considerations
- Interline Transactions — Loyalty Payments
- Brand Name and Customer List in Co-Branded Credit Card Agreements — Timing of Revenue Recognition
- Consideration of Significant Financing Component in Advance Mile Purchases Under Co-Branded Credit Card Agreements and Miles in Customers’ Accounts
- Regional Contracts
- Timing and Classification of Commissions in Interline Transactions
- Changes in the Volume of Mileage Credits Under a Co-Branded Credit Card Arrangement
- Other Related Topics
- 11Engineering and Construction Contractors
- 12Depository Institutions
- 13Telecommunications Entities
- 14Insurance Entities
- 15Power and Utility Entities
- 16Time-Share Entities
- 17Hospitality Entities
- 18Entities With Oil and Gas Producing Activities
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1General Accounting Considerations
- EULA
Product information
- Title: Audit and Accounting Guide
- Author(s):
- Release date:
- Publisher(s): Wiley
- ISBN: None
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