Category: Finance

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.

Advertisements

The CPA Horizons 2025 Report

Horizons 2025 Report pic
Horizons 2025 Report
Image: aicpa.org

A partner with Deloitte in Detroit, Michigan, Troy Biddix holds a bachelor of science in accounting from Eastern Michigan University in Ypsilanti and a master of science in taxation from Walsh College in Troy, Michigan. In conjunction with his nearly three decades of experience as a professional accountant, Troy Biddix holds active membership in the American Institute of Certified Public Accountants (AICPA).

In addition to developing and grading the Uniform CPA Examination, the AICPA is nationally recognized as an industry rule-making and standard-setting organization. One of its recent initiatives is the CPA Horizons 2025 Report.

The origins of the CPA Horizons 2025 Report date back to 2011’s CPA Vision Project, a grassroots profession-wide initiative that collected the insights of CPAs, business leaders, industry regulators, and other innovators with specific expertise in public accounting. The CPA Horizons 2025 Report drew upon this extensive survey to compile and analyze more than 75,000 comments and to chart the evolving future of the CPA profession. The findings of the report stress the importance of embracing globalization and updating core services to stay competitive amid constantly changing economic, political, technological, and regulatory fronts.