AICPA Releases Updates to Revenue Recognition Guide and Code of Professional Conduct

The AICPA has released the 2018 AICPA Audit and Accounting Guide Revenue Recognition and revised the “Confidential Client Information Rule” of the AICPA Code of Professional Conduct.

The updated Revenue Recognition Guide adds implementation guidance for the following industries:

• Asset Management.
• Brokers and Dealers in Securities.
• Gaming.
• Health Care.
• Airlines.
• Telecommunications.
• Hospitality.

The guide is available in the AICPA Audit and Accounting Guides section. For more information, see the revenue recognition page on the AICPA’s Web site.

The Code of Professional Conduct update revises the “Confidential Client Information Rule” (ET sec. 1.700.001) for the addition of the “Disclosing Client Information in Connection with a Quality Review” interpretation (ET sec. 1.700.110).

This update also revises the following interpretations under the “Independence Rule” (ET sec. 1.200.001):

• “Leases.” (ET sec. 1.260.040)
• “Client Affiliates.” (ET sec. 1.224.010)

See the updated Code of Professional Conduct.