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DTSTAMP:20260420T051238Z
DTSTART:20260603T150000Z
DTEND:20260603T183000Z
SUMMARY: Revenue Recognition for Private Entities 26-27
DESCRIPTION: Revenue involves significant risks that warrant special consideration during audits. The Financial Accounting Standards Board (FASB) has issued a new standard&mdash\;"Revenue from Contracts with Customers" that replaces most industry-specific revenue recognition requirements in US GAAP. A new principles-based\, five-step revenue recognition model now applies. Recent disclosures of qualitative and quantitative information\, significant judgments and changes in judgments are also required. New systems\, processes and controls may be needed. Poor design or implementation may pose heightened risks of material misstatement\, including those due to fraud\n 
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