As part of Crowe’s ongoing support of the accounting profession and dedication to promoting audit quality, several of our leaders contributed to the recent Revenue Recognition Audit and Accounting Guide, issued by the American Institute of Certified Public Accountants(AICPA). The AICPA issued its guide to assist auditors in performing and reporting on revenue recognition in their audit engagements and to assist management prepare their financial statements. “The guide provides accounting and auditing guidance for implementing the Financial Accounting Standards Board’s (FASB’s) standard on revenue recognition, which brought significant change in how revenue is recognized for financial statement purposes,” shared Jim Dolinar (Oak Brook). Jim contributed significantly to the guide in his role as chair of AICPA’s Financial Reporting Executive Committee and as the AICPA’s official observer on the FASB’s Revenue Recognition Transition Resource Group.
Besides Jim, other Crowe individuals served on the AICPA Revenue Recognition Working Group and various task forces. Jim added, “This guide was a significant undertaking given the volume of revenue recognition accounting issues identified by the various industry task forces. Given revenue recognition poses significant audit risk to auditors, it was critical for the guide to also help auditors.” In addition to Jim, the following individuals contributed to the guide and are recognized in it:
- Mike Antonetti (Oak Brook) – Revenue Recognition Working Group
- Sydney Garmong (Washington, D.C.) Depository and Lending Institutions Task Force
- Chris Johnson (New York City) – Brokers and Dealers in Securities Task Force
- Stuart Miller (Chicago) – Chair, Not-For-Profit Task Force
- Brian Murray (Grand Rapids) – Health Care Task Force
- Alex Wodka (Oak Brook) – Revenue Recognition Working Group
Other individuals also contributed to the AICPA’s implementation efforts including Sean Prince (off-site), Matthew Schell (Washington, D.C.) and Mark Shannon (off-site).