Part of the CPEA ASC 606: Revenue Recognition Series
Significant changes in accounting standards present opportunities and expectations for auditors to help clients understand, implement, and transition to the new rules. As detailed in many CPEA reports, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, codified primarily in FASB Accounting Standards Codification (FASB ASC) 606, introduces broad and deep changes that affect all entities, whether public, private, or not-for-profit (NFP).
The applicable independence rules, and the degree to