- The AICPA said the Audit and Accounting Guide (AAG) AAG: Reporting on an Entity’s Cybersecurity Risk Management Program and Controls (aag-cyb) provides a framework for managing cybersecurity risks. The guide explains how to implement the framework and report on an organization’s program for managing technology risks on a company-wide basis.
- The AICPA said the Audit and Accounting Guides (AAG) for life insurers and property and casualty underwriters were updated to reflect the application of its audit guidance for financial reporting frameworks other than U.S. GAAP. The AICPA said the updates application of the audit guidance for insurers’ financial statements that are prepared on a statutory basis, which insurance companies are required to provide to regulators.
- The FASB’s sweeping new revenue recognition rules go into effect in 2018 and will require a major change in the way companies calculate the top line in their income statements. The magnitude of the effect on the revenue figure reported, however, will vary from company to company. For example, General Electric Co. and Raytheon Co. say the total revenues they report are not expected to change significantly.
- The FASB published a narrow amendment to U.S. GAAP to clarify the identity of the customer in certain types of infrastructure outsourcing agreements between government bodies and private-sector operators. By stating that the government body is always considered the customer in these transactions, the FASB aims to make it easier for the operators to calculate the revenue from operating public facilities.
- If your organization is in the process of adopting, or still researching, the new revenue recognition accounting standard, then this comprehensive, yet easy-to-read, 60+ page eBook is for you.