December 13, 2016

The Center for Audit Quality (CAQ) has released a tool for audit committees to prepare for new approaches tied to revenue recognition.

The recently released 8-page paper aims to answer what the new revenue recognition standard is, how it will impact the current processes within organizations, in addition to other items businesses should consider to comply with the upcoming standard.

CAQ member firms worked to develop a list of “key questions” that audit committees can leverage to prepare and evaluate implementation project plans, as well as provide a list of resources that businesses can tap into.

The Financial Accounting Standards Board has assigned a 2017 deadline for organizations to adopt the newly required methods.