Month: February 2017

AICPA Releases Revenue Recognition Guidelines

AICPA  pic
AICPA
Image: AICPA.org

Serving as a partner with Deloitte Tax in Detroit, Michigan, since 1987, Troy Biddix is a 1994 taxation MS graduate of Walsh College. In addition to his day-to-day work, Troy Biddix is a longtime member of the American Institute of Certified Public Accountants (AICPA).

AICPA recently released a new online version of its Revenue Recognition Audit & Accounting Guide to help organizations prepare for comprehensive reviews of their finances. The guide is an all-encompassing resource that helps companies and nonprofits get a firm grasp on new accounting rules and standards as they relate to classifying revenue, as well as how the audit process for these sources works.

AICPA’s Industry Revenue Recognition Task Forces, Revenue Recognition Working Group, and Auditing Revenue Task Force were responsible for assembling the guide. It gives an overview of different revenue types and their recognition under Generally Accepted Accounting Principles, as well as examples of inappropriate revenue recognition. The guide also outlines key elements of the audit process, including the auditor’s responsibilities, mitigating risk, and other challenges.

Child Sponsorship with Compassion International

Compassion International pic
Compassion International
Image: compassion.com

As a lead tax partner with Deloitte Tax, Troy Biddix handles tax delivery services from the international company’s Detroit office. A member of professional groups such as the Michigan Association of Certified Public Accountants, Troy Biddix also supports various charitable organizations within his community and beyond. Among these is Compassion International, a Christ-centered ministry committed to holistic child development around the world.

Validated as effective by a decades-long research study, the child-sponsorship program from Compassion International has been shown to have a significant impact on the educational and employment outcomes of participating children. The program offers the opportunity for sponsors to change the life of a child living in extreme poverty by offering monthly financial support, as well as praying for and exchanging letters with the child. For an average of $25 to $45 a month, sponsors fund educational fees and school uniforms, as well as healthcare and supplements to protect against malnutrition. To learn more or to sign up to sponsor a waiting child, visit www.compassion.com.