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ASC 606 Revenue Recognition
Identify performance obligations; recognize as each obligation satisfied
ASC 842 Leases
Operating and finance leases both on balance sheet for lessees
IFRS 15 vs ASC 606
Substantially converged; minor differences in licensing and variable consideration
ASC 740 Tax Accounting
Uncertain tax positions require recognition + measurement at threshold
PCAOB AS 2201
Integrated audit of ICFR required for accelerated filers
Accounting standards and research
Research GAAP, IFRS, and tax standards for client guidance.
Research accounting treatment: ASC 606 revenue recognition, ASC 842 leases, and tax deductibility rules for [scenario]
Found guidance: ASC 606 applies to performance obligations, contract liability recognized, tax treatment follows ASC 740 rules.
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ASC 606 Core Principle
Recognize revenue as performance obligations satisfied over time or at a point
Contract Liability
Recognized when payment received before performance obligation met
ASC 740 Interaction
Timing differences create deferred tax assets/liabilities — track carefully
ASC 842 Impact
All operating leases on balance sheet; new right-of-use asset and liability
Financial analysis and business advisory
Analyze client financial statements and advise on business issues.
Analyze client financials: profitability trends, cash flow concerns, balance sheet ratios, and business risks
Analysis: revenue declining 8% YoY, gross margins compressed, cash conversion poor, debt ratio elevated. Recommend cost reduction strategy.
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Revenue Trend
Declining 8% YoY — mix shift risk
Gross Margin
Compressed — cost inflation not passed through
Cash Conversion
DSO elevated; DPO lengthening — working capital drag
Debt Ratio
Elevated — approaching covenant limits
Action
Cost reduction and pricing review before Q2 close
Research tax planning for [business type]: entity selection, deduction strategies, tax credit opportunities, and compliance
Found strategies: S-corp election saves 15% payroll taxes, opportunity zone investments available, qualified business income deduction 20%.
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S-Corp Election
Saves ~15% payroll tax on owner distributions above reasonable salary
Section 199A (QBI)
20% deduction for qualified business income — check W-2 wage limits
Opportunity Zones
Capital gain deferral via QOF — gain exclusion after 10yr hold
R&D Tax Credit
Section 41 — available for qualifying research; refundable for startups
Assess audit risks: identify significant transaction areas, control weaknesses, and management override risks for [client]
Risk assessment: significant transaction: revenue (judgment in cutoff), controls over journal entries weak, override risk moderate.
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Revenue Risk
High — judgment in cutoff and variable consideration
Journal Entry Controls
Significant deficiency — no automated approval workflow
Management Override
Moderate — limited segregation of duties in close process
Inventory Controls
Annual physical + perpetual — low-medium risk
Generate audit report: financial statement opinion, internal control assessment, management letter, and recommendations
Generated: unqualified audit opinion on financial statements, significant deficiency in journal entry controls, 3 management letter items.
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DocumentConclusion
Audit OpinionUnqualified — financial statements fairly stated per GAAP
ICFR AssessmentSignificant deficiency in journal entry controls reported
Management Letter Item 1Journal entry approval process — remediation required by Q2
Management Letter Item 2Accrual cutoff documentation inconsistent
4 documents generated · ready for partner sign-off
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Accounting standards
Research accounting treatment for [transaction]: relevant ASC/IFRS sections, measurement, and disclosure
Tax planning
Develop tax strategy for [client/situation]: entity structure, deduction strategies, and compliance planning
Financial analysis
Analyze [client] financials: profitability, cash flow, balance sheet strength, and business recommendations
Audit planning
Assess audit risks: identify significant areas, control weaknesses, and design audit procedures for [client]
Audit report
Generate audit documentation: risk assessment, control testing results, substantive procedures, and audit opinion
Compliance review
Review [client] for compliance: applicable regulations, reporting requirements, and disclosure obligations
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Audit engagement delivery
Plan, execute, and report on audit engagement.
Tax advisory and planning
Research tax law, develop strategies, and ensure compliance.
Business advisory and consulting
Analyze financials, advise on business issues, and recommend improvements.
Frequently Asked Questions
How do CPAs use accounting standards in practice?
CPAs use GAAP (Generally Accepted Accounting Principles) in the US and IFRS (International) globally. Research specific ASC sections (e.g., ASC 606 revenue) for transaction guidance. Standards address recognition, measurement, and disclosure.
What is involved in a financial statement audit?
Audit process: planning and risk assessment, control evaluation, substantive procedures to test transactions/balances, and audit opinion. Independent verification that financial statements are fairly stated in accordance with GAAP.
How do CPAs help clients with tax planning?
CPAs analyze client tax situations, identify available deductions and credits, evaluate entity structure (LLC vs. S-corp), and plan timing of income/expenses. Goal: minimize tax liability while ensuring compliance.
What are common control deficiencies in audits?
Common issues: segregation of duties (one person recording and authorizing), weak approval processes, missing documentation, manual processes without review, and override risks. CPAs recommend controls based on risk assessment.
How do CPAs stay current on standards changes?
CPAs maintain continuing education on FASB (accounting), IRS (tax), and AICPA guidance changes. Use tools like Library Docs to research current standards. Join professional associations for updates and guidance.
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