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Helping attest clients with the new revenue recognition standard

Accounting Today published an article by my friend and colleague Robert Durak, AICPA Director of Audit and Accounting Technical Services, "Independence trap: Helping clients with rev rec implementations," a timely and relevant topic for auditors of private and not-for-profit companies who are not as prepared for implementing the new standard, now effective, as they should be. The article presents, at a very high level, the requirements under AICPA independence rules, as they relate to helping an attest client to implement the standard. The article links to a report that I developed for the AICPA Center for Plain English Accounting, Helping Attest Clients Implement the New Revenue Standard Complying with the Independence Rules, available as an attachment to this blog post or by clicking here.

Similarly, auditors may wish to check out a 15 minute video, "Independence considerations when implementing FASB ASC 606" in which the AICPA's Toni Lee-Andrews and Jeff Lewis, of Dixon Hughes Goodman, talk about independence issues related to clients’ implementation of FASB ASC 606.