AICPA Audit and Accounting Guide Updates

Preparation, Compilation, and Review Engagements - updated as of June 1, 2018

• The updated version of the Preparation, Compilation, and Review Engagements incorporates relevant guidance that is issued and effective on or before June 1, 2018.  Updated guide incorporates SSARS No. 24, which creates an AR-C section entitle Special Considerations-International Reporting Issues, and amends SSARS No 21.

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Revenue Recognition - updated as of July 1, 2018

• The updated version of the Revenue Recognition incorporates relevant guidance that is issued and effective on or before July 1, 2018.  The updated edition of the guide covers accounting implications for aerospace and defense, asset management, broker-dealers, gaming, health care, not-for-profit, and software.  Specific guides, like the health care audit guide, should be used when dealing with revenue recognition for that specific industry. 

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Construction Contractors - updated as of July 1, 2018

• Updated to reflect new ASU’s issued since previous audit guide.  I don’t believe this has any major impact on the firm. 

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Depository and Lending Institutions: Banks and Saving Institutions, Credit Unions, Finance Companies and Mortgage Companies - updated as of July 1, 2018

• Updated to reflect new ASU’s issued since previous audit guide.  I don’t believe this has any major impact on the firm. 

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Investment Companies - updated as of July 1, 2018

• The updated version of the Investment Companies incorporates relevant guidance that is issued and effective on or before July 1, 2018.  Key updates include the following: 1.) References to appropriate AICPA Technical Questions and Answers that address when to apply the liquidation basis of accounting; 2.) Appendices discussing the new standards for financial instruments, leases and revenue recognition; 3.) Appendices discussing common or collective trusts and business development companies.   

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Life and Health Insurance Entities - updated as of August 1, 2018

• Updated to reflect new ASU’s issued since previous audit guide.  I don’t believe this has any major impact on the firm. 

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