[eBook Code] Audit and Accounting Guide (eBook Code, 1st)

· 제목 : [eBook Code] Audit and Accounting Guide (eBook Code, 1st) (Revenue Recognition 2019)
· 분류 : 외국도서 > 경제경영 > 회계감사
· ISBN : 9781119608233
· 쪽수 : 1024쪽

Chapter Paragraph

1 General Accounting Considerations 01-82

Introduction 01-03

Authoritative Status and Effective Date 04-12

Transitioning to the New Standard 09-12

Post-Standard Activity 13-17

Overview of FASB ASU No. 2014-09, Revenue from Contracts with Customers 18-35

Step 1: Identify the Contract with a Customer 20-22

Step 2: Identify the Performance Obligations in the Contract 23-26

Step 3: Determine the Transaction Price 27-28

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 29-31

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation 32-35

Costs to Obtain or Fulfill a Contract with a Customer 36-40

Incremental Costs of Obtaining a Contract 36-37

Costs of Fulfilling a Contract 38-40

Disclosures 41-42

Other Topics 43-82

Presentation of Contract with a Customer 43

Sale with a Right of Return 44

Warranties 45

Principal Versus Agent 46

Customer Options for Additional Goods or Service — Material Rights 47

Customer’s Unexercised Rights 48

Nonrefundable Upfront Fees 49

Licensing 50

Repurchase Agreements 51

Consignment Arrangements 52

Bill-and-Hold Arrangements 53

Customer Acceptance 54

Third-Party Extended Service Warranty Contracts Within the Scope of FASB ASC 606 55-82

2 General Auditing Considerations 01-206

Introduction 01-05

Auditing the Five-Step Model of FASB ASC 606 06-41

Step 1: Identify the Contract(s) with a Customer 08-15

Step 2: Identify the Performance Obligations in the Contract 16-23

Step 3: Determine the Transaction Price 24-31

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 32-38

Step 5: Recognize Revenue When (or as) the Entity Satisfiesa Performance Obligation 39-41

Auditing Considerations in the Adoption and Transition to FASB ASC 606 42-54

General Audit Considerations Over Revenue Recognition 55-66

Risk Assessment and Fraud Risk Under FASB ASC 606 67-100

Audit Planning 68-69

Assignment of Personnel and Supervision 70-71

Establishing an Overall Strategy 72

Audit Risk 73-76

Understanding the Entity and Risk Assessment 77-84

Inquiry 85-86

Reading and Understanding Contracts 87

Reviewing Process Narratives and Process Flow Diagrams 88

Reviewing Internal Control Manuals, Policy Manuals, or Similar Documentation 89-90

Discussion Among the Audit Team 91

Assessing the Risks of Material Misstatement 92-93

Identification of Significant Risks 94-100

Specific Audit Considerations Over Revenue Recognition 101-111

Side Agreements 101-102

Channel Stuffing 103

Related-Party Transactions 104-108

Significant Unusual Transactions 109

Nature of Business and Accounting for Revenue 110-111

Potential Accounting Misstatements 112-120

Identify the Contract with the Customer 114-115

Identify the Performance Obligations in the Contracts 116

Determine the Transaction Price 117

Allocate the Transaction Price to the Performance Obligations 118

Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation 119-120

Consideration of Fraud as it Relates to Revenue 121-128

Discussion Among Engagement Personnel Regarding the Risks of Material Misstatement Due to Fraud 126-127

The Importance of Exercising Professional Skepticism 128

IFRS 15 Versus FASB ASC 606 129

The Role of Controls Over Financial Reporting in Revenue Recognition 130-147

Control Environment 132-137

Risk Assessment 138-141

Control Activities 142-143

Information and Communication 144-145

Monitoring 146-147

Obtaining Audit Evidence 148-176

Types of Substantive Procedures 151-158

Potential Issues in Obtaining Audit Evidence 159

Audit Evidence Related to the Five Steps of Revenue Recognition Under FASB ASC 606 160-176

Auditing Estimates 177-181

Potential Area of Focus — Management Bias 180-181

Management Representations 182-186

Independence 187-196

Consultation 189-191

Situations in Which Auditors Can Assist During Transition 192-196

Disclosures 197-198

Smaller Entities 199

Audit Documentation 200-206

3 Aerospace and Defense Entities 1.01-7.51

Application of the Five-Step Model of FASB ASC 606 1.01-5.53

Step 1: Identify the Contract with a Customer 1.01-1.55

Step 2: Identify the Performance Obligations in the Contract 2.01-2.21

Step 3: Determine the Transaction Price 3.01-3.49

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 4.01-4.23

Step 5: Recognize Revenue When (or as) the Entity Satisfied a Performance Obligation 5.01-5.53

Other Related Topics 7.01-7.51

Contract Costs 7.01-7.23

Accounting for Offset Obligations 7.24-7.35

Disclosures — Contracts with Customer 7.36-7.51

4 Asset Management 1.01-7.76

Application of the Five-Step Model of FASB ASC 606 1.01-1.19

Step 1: Identify the Contract with a Customer 1.01-1.19

Revenue Streams 6.01-6.107

Recognition of Contingent Deferred Sales Charges 6.01-6.18

Management Fee Revenue, Excluding Performance Fee Revenue 6.19-6.53

Incentive or Performance Fee Revenue, Excluding Incentive-Based Capital Allocations (Such as Carried Interest) 6.54-6.80

Incentive-Based Capital Allocations 6.81-6.93

Asset Management Arrangement Revenue — Gross Versus Net 6.94-6.107

Other Related Topics 7.01-7.76

Deferred Distribution Commission Expenses (Back-End Load Funds) 7.01-7.10

Management Fee Waivers and Customer Expense Reimbursements 7.11-7.46

Costs of Managing Investment Companies 7.47-7.76

5 Brokers and Dealers in Securities 6.01-7.32

Revenue Streams 6.01-6.144

Commission Income 6.01-6.32

Underwriting Revenues 6.33-6.61

Soft Dollars 6.62-6.77

Investment Banking M&A Advisory Fees 6.78-6.110

Selling and Distribution Fee Revenue 6.111-6.144

Other Related Topics 7.01-7.32

Scope 7.01-7.04

Costs Associated with Investment Banking Advisory Services 7.05-7.20

Principal Versus Agent: Costs Associated with Underwriting 7.21 -7.32

6 Gaming Entities 2.01-7.142

Application of the Five-Step Model of FASB ASC 606 2.01-2.18

Step 2: Identify the Performance Obligations in the Contract 2.01-2.18

Revenue Streams 6.01-6.155

Definitions: The Terms Win and Gross Gaming Revenue 6.01-6.08

Loyalty Credits and Other Discretionary Incentives (Excluding Status Benefits) 6.09-6.50

Accounting for Loyalty Points Redeemed with Third Parties 6.51-6.62

Accounting for Loyalty Co-branding Arrangements 6.63-6.97

Accounting for Management Contract Revenues, Including Costs Reimbursed by Managed Properties 6.98-6.155

Other Related Topics 7.01-7.142

Accounting for Jackpot Insurance Premiums and Recoveries 7.01-7.12

Accounting for Gaming Chips and Tokens 7.13-7.15

Net Gaming Revenue 7.16

Gaming Operator’s Accounting for Base Progressive and Incremental Progressive Jackpot Amounts 7.17-7.23

Promotional Allowances 7.24-7.25

Participation and Similar Arrangements 7.26-7.37

Income Statement Presentation of Wide Area Progressive Operators’ Fees Received From Gaming Entities 7.38-7.68

Recognition of the WAP Operator’s Liability for Base Progressive and Incremental Progressive Jackpot Amounts 7.69-7.74

Accounting for Racetrack Fees 7.75-7.106

Disclosures — Contracts with Customers 7.107-7.130

Gaming Entity’s Costs to Obtain a Management Contract 7.131-7.142

7 Health Care Entities 2.01-7.73

Application of the Five-Step Model of FASB ASC 606 2.01-5.08

Step 2: Identify the Performance Obligations in the Contract 2.01-2.09

Step 5: Recognize Revenue When (or As) the Entity Satisfied a Performance Obligation 5.01-5.08

Revenue Streams 6.01-6.162

Arrangements for Health Care Services Provided to Uninsured and Insured Patients with Self-Pay Balances, Including Co-Payments and Deductibles 6.01-6.43

Third-Party Settlement Estimates 6.44-6.72

Risk Sharing Arrangements 6.73-6.108

Application of FASB ASC 606 to Continuing Care Retirement Community Contracts 6.109-6.162

Other Related Topics 7.01-7.73

Application of the Portfolio Approach 7.01-7.15

Presentation and Disclosure 7.16-7.60

Accounting for Contract Costs 7.61-7.73

8 Not-for-Profit Entities 6.01-7.06

Revenue Streams 6.01-6.98

Tuition and Housing Revenues 6.01-6.69

Not-for-Profit Subscriptions and Membership Dues 6.70-6.98

Other Related Topics 7.01-7.06

Scope 7.01

Bifurcation of Transactions Between Contribution and Exchange Components 7.02-7.06

9 Software Entities 2.01-5.16

Application of the Five-Step Model of FASB ASC 606 2.01-5.16

Step 2: Identify the Performance Obligations in the Contract 2.01-2.29

Step 3: Determine the Transaction Price 3.01-3.36

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 4.01-4.51

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation 5.01-5.16

10 Airlines 2.01-7.44

Application of the Five-Step Model of FASB ASC 606 2.01-4.33

Step 2: Identify the Performance Obligations in the Contract 2.01-2.18

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 4.01-4.33

Revenue Streams 6.01-6.152

Interline Transactions — Identifying Performance Obligations for Air Travel (Including at the Segment Versus Ticket Level) and Principal Versus Agent Considerations 6.01-6.25

Interline Transactions — Loyalty Payments 6.26-6.44

Brand Name and Customer List in Co-Branded Credit Card Agreements — Timing of Revenue Recognition 6.45-6.71

Consideration of Significant Financing Component in Advance Mile Purchases Under Co-Branded Credit Card Agreements and Miles in Customers’ Accounts 6.72-6.87

Regional Contracts 6.88-6.129

Timing and Classification of Commissions in Interline Transactions 6.130-6.138

Changes in the Volume of Mileage Credits Under a Co-Branded Credit Card Arrangement 6.139-6.152

Other Related Topics 7.01-7.44

Accounting for Contract Costs — Commissions and Selling Costs 7.01-7.05

Accounting for Passenger Taxes and Related Fees 7.06-7.13

Accounting for Passenger Ticket Breakage and Travel Vouchers 7.14-7.28

Accounting for Ancillary Services and Related Fees 7.29-7.37

Accounting for Change Fees 7.38-7.44

11 Engineering and Construction Contractors 1.01-7.61

Application of the Five-Step Model of FASB 606 1.01-5.38

Step 1: Identify the Contract with a Customer 1.01-1.09

Step 2: Identify the Performance Obligations in the Contract 2.01-2.17

Step 3: Determine the Transaction Price 3.01-3.21

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation 5.01-5.38

Other Related Topics 7.01-7.61

Disclosures and Presentation 7.01-7.36

Contract Costs 7.37-7.61

12 Depository Institutions 7.01-7.32

Application of the Five-Step Model of FASB ASC 606 7.01-7.32

Other Related Topics 7.01-7.32

Sale of Non-Operating Assets (Other Real Estate Owned) 7.01-7.20

Scope 7.21-7.32

13 Telecommunications Entities 1.01-7.227

Application of the Five-Step Model of FASB ASC 606 1.01-4.14

Step 1: Identify the Contract with a Customer 1.01-1.18

Step 2: Identify the Performance Obligations in the Contract 2.01-2.35

Step 3: Determine the Transaction Price 3.01-3.19

Determining the Transaction Price 3.20-3.55

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 4.01-4.14

Other Related Topics 7.01-7.227

Portfolio Accounting 7.01-7.40

Disclosure and Transition 7.41-7.78

Accounting for Contract Costs 7.79-7.105

Miscellaneous Fees 7.106 -7.133

Wireless Transactions Within the Indirect Channel 7.134-7.178

Material Renewal Rights in Telecommunications Contracts 7.179-7.193

Contract Modifications 7.194-7.227

14 Insurance Entities 7.01-7.16

Other Related Topics 7.01-7.16

Considerations for Applying the Scope Exception in FASB ASC 606-10-15-2 and 606-10-15-4 to Contracts Within the Scope of FASB ASC 944 7.01-7.16

15 Power and Utility Entities 4.01-7.28

Application of the Five-Step Model of FASB ASC 606 4.01-5.26

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 4.01-4.06

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation 5.01-5.26

Revenue Streams 6.01-6.49

Accounting for Tariff Sales to Regulated Customers 6.01-6.15

Requirements and Similar Contracts with Variable Volumes 6.16-6.24

Fixed Price Contracts — Consideration of Different Pricing Conventions 6.25-6.49

Other Related Topics 7.01-7.28

Accounting for Blend-and-Extend Contract Modifications 7.01-7.07

Partial Terminations 7.08-7.12

Treatment of Contributions in Aid of Construction (CIAC) 7.13-7.20

Income Statement Presentation of Alternative Revenue Programs 7.21-7.28

16 Time-Share Entities 1.01-7.36

Application of the Five-Step Model of FASB ASC 606 1.01-5.17

Step 1: Identify the Contract with a Customer 1.01-1.37

Step 2: Identify the Performance Obligations in the Contract 2.01-2.39

Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract 4.01

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation 5.01-5.17

Revenue Streams 6.01-6.39

Management Fees 6.01-6.39

Other Related Topics 7.01-7.36

Principal Versus Agent Considerations for Time-Share Interval Sales 7.01-7.19

Contract Costs 7.20-7.36

17 Hospitality Entities 2.01-6.151

Application of the Five-Step Model of FASB ASC 606 2.01-3.17

Step 2: Identify the Performance Obligations in the Contract 2.01-2.18

Step 3: Determine the Transaction Price 3.01-3.17

Revenue Streams 6.01-6.151

Franchise Fees 6.01-6.52

Hotel Management Service Arrangement 6.53-6.105

Owned and Leased Property Revenues 6.106-6.151

18 Entities with Oil and Gas Producing Activities 6.01-7.14

Application of the Five-Step Model of FASB ASC 606 6.01-6.13

Revenue Streams 6.01-6.13

Other Related Topics 7.01-7.14

Derivative Commodity Contracts 7.01

Inventories 7.02-7.07

Joint Operating Agreements 7.08-7.11

Disclosures 7.12-7.14

Appendix

A Overview of Statements on Quality Control Standards

Index of Pronouncements and Other Technical Guidance

Subject Index