Letter From the Editor

AuthorEdwards Jim
Date01 May 2017
Published date01 May 2017
© 2017 Wiley Periodicals, Inc.
Published online in Wiley Online Library (wileyonlinelibrary.com).
DOI 10.1002/jcaf.22276
Letter From the Editor
Dear JCAF Reader,
The Journal of Corporate
Accounting is steadily mak-
ing progress. Overall, usage
is growing with a more than
20% increase in downloads
via Wiley Online Library from
2015 to 2016. However, growth
in usage appears to be declin-
ing in the United States and the
United Kingdom, while grow-
ing in China and Australia.
Data analysis tells us that those
four countries are among the
top five publishing countries
within the JCAF subjects (with
Germany as the fifth). During
the past two years, manuscript
submissions to JCAF hav e
been on the increase from
authors in Asia.
Press release of the America n
Institute of CPAs:
AICPA Issues New Rev-
enue Recognition Guide
Publication Will Help
Promote Timely Assess-
ment and Implementation
of FASB’s New Standard
NEW YORK (January
4, 2017) – With compa-
nies and not-for-profit
entities facing a top-to-
bottom review of their
revenue recognition
because of a looming
accounting standard,
the American Institute
of CPAs (AICPA) has
issued the first online
edition of an Audit &
Accounting Guide on
Revenue Recognition to
assist entities and audi-
tors understand, imple-
ment and audit the new
The changes
are the result of the
Financial Account-
ing Standards Board’s
(FASB) Accounting
Standards Update
(ASU) No. 2014-09,
Revenue from Contracts
with Customers (Topic
606) and subsequent
ASUs amending FASB
Accounting Standards
Codification (ASC)
606. Public companies
are required to apply
the new revenue stan-
dard to annual report-
ing periods beginning
after December 15,
2017, which means that
many companies are in
the process of making
accounting policy deci-
sions as they prepare
for the effective date.
Speaking at last
month’s AICPA Con-
ference on Current SEC
and PCAOB Develop-
ments, U.S. Securities
and Exchange Com-
mission (SEC) Chief
Accountant Wesley
Bricker reminded
attendees that, “Timely
implementation of
the new standard is
important,” and noted
that a survey of public
companies released in
October found that
8% of respondents still
had not started an ini-
tial assessment of the
new revenue recogni-
tion standard, while
three-quarters were still
“This project is an
unprecedented effort of
our Financial Report-
ing Executive Commit-
tee (FinREC) and the
many volunteers on
our Revenue Recogni-
tion Working Group
and 16 industry task
forces, all of whom are
committed to helping
the financial reporting
system adapt to the
standard,” said James
Dolinar, CPA, chair-
man of FinREC and
a partner at Crowe

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