CPEA Revenue Standard Resources
Revenue Standard Resources ― FASB ASC 606
The CPEA has developed a wealth of resources to equip our members with the knowledge and skills to understand and apply the requirements of the new revenue standard (FASB ASC 606). These resources have been incorporated into this section for easy access. This section will be regularly updated as new resources are developed.
Contract Review Checklist
Assists in assessing how contracts should be accounted for under FASB ASC 606. This tool is a guide through the major elements of the standard.
View a significantly-reduced sample of the checklist.
Our Contract Review Checklist is offered to our member firms at a reduced rate of only $150 (to help cover development costs). Non-CPEA member price is $300. The Contract Review Checklist is offered in EXCEL format, allowing accountants to tailor the tool as necessary.
Please contact Susanne Richards at cpea@aicpa.org or Susanne.richards@aicpa-cima.com or by phone at (334) 260-2326 to purchase the tool.
Client Placemat Practice Aids
These Placemats outline the FASB ASC 606 key impact areas in specific industries. They should be customized by your firm and are intended to help more clearly-communicate with clients concerning the impact of the new revenue standard in these specific industries.
FASB ASC 606 Client Placemat Practice Aid ― Construction industry
FASB ASC 606 Client Placemat Practice Aid – Manufacturing Industry
Fortune Favors the Prepared
Description |
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Key concepts, including the minimum requirements to recognize revenue, long-term contracts, variable consideration, and other topics. |
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Key concepts, including application of the terms “Distinct” and “Separately Identifiable,” methods for measuring progress on contracts, and significant financing component. |
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Contract costs, warranties, and bill and hold arrangements. |
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Accounting for licenses. |
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Principal versus agent considerations. |
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Identifying performance obligations, and licensing implementation guidance. |
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FASB ASC 606 Technical Corrections & Improvements – Implementation Issues on New Revenue Recognition Standard. |
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Scope of the new revenue recognition standard as it relates to sales of nonfinancial assets, as well as the accounting for such transfers. |
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CPEA recommendation that non-SEC registrants consider making disclosures about the impact of the Big Three new accounting standards (revenue recognition, leases, financial instruments credit losses). |
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Addresses some of the risks associated with pre-adoption date activities and requirements and identifies procedures that are or could be responsive to those risks. |
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General implementation issues in the not-for-profit sector. |
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Higher education sector implementation issues. |
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General implementation issues in the real estate sector. |
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Implementing Steps 1-3 of the FASB ASC 606 model. |
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Implementing Steps 4-5 of the FASB ASC 606 model. |
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Exploring two aspects of the new revenue standard that can have a significant impact across multiple industries. |
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Review Engagements - Implementation of the New Revenue Standard |
Addresses how the practitioner may comply with the requirements in the SSARSs, as they relate to the client’s implementation of FASB ASC 606. |
Focuses on tangible goods where a distributor has the tangible goods shipped directly from its supplier to the distributor’s customer. |
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| FASB staff prepared a memo to provide education on the definition of a contract. | |
| FASB staff prepared a memo to provide education on short-cycle manufacturing contracts and out-of-pocket costs. | |
Details four early results and lessons from our interaction with member firms and from the experiences of the current adopters of the new revenue recognition standard. |
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And They're Off! FASB ASC 606: Early Results and Lessons - Part II |
Analyzes areas of potential significant impact for some private companies: new incremental assets- capitalization of costs incurred to obtain contracts; an in-depth technical examination of recognition of revenue gross as a principal vs. net as an agent; and, disclosures. |
| Compilation Engagements |
Implementation of the New Revenue Recognition Standard. |
| The New Revenue Recognition Standard - Industry Impacts: Franchisors | Effects of implementing FASB ASC 606 on franchisor entities. |
| The New Revenue Recognition Standard Industry Impacts: Hospitality | Effects of implementing FASB ASC 606 on hospitality entities. |
| FASB ASC 606: Illustrative Transition Disclosures | Transition disclosures required for private entities, as well as some related reporting issues. |
| Helping Attest Clients Implement the New Revenue Standard: Complying with the Independence Rules | Addresses the application of the AICPA independence rules to engagements to assist attest clients with implementation of the new revenue standard. |
| FASB ASC 606: Illustrative Annual Disclosures | Annual/recurring disclosures required for private entities, as well as accounting policy note disclosures. |
| The New Revenue Recognition Standard: Industry Impacts - CIRAs | Effects of implementing FASB ASC 606 to common interest realty associations. |
| FASB ASC 606: Addressing Common Private Company Implementation Questions | Discussion of certain implementation questions encountered by calendar year private companies related to the adoption of FASB ASC 606. |
Important Reminders When Auditing Complex Accounting Estimates, Including FASB ASC 606 |
Fundamental principles that need to be applied when auditing any complex accounting estimate, including the new FASB ASC 606. |
| Revenue Recognition Disclosures in Non-GAAP Financial Statements | Discussion of whether disclosures required by the new revenue standard are applicable if financial statements are prepared under special purpose frameworks. |
