PCAOB Offers Auditors Guidance on Rev. Rec. Standards.

The Public Company Accounting Oversight Board released a new practice alert to help auditors looking at how clients have implemented the Financial Accounting Standards Board's new accounting standard on revenue recognition.

The staff audit practice alert covers PCAOB requirements and other considerations, including:

* Transition disclosures and transition adjustments;

* Internal control over financial reporting;

* Fraud risks; and,

* Disclosures.

The new accounting standard, Revenue from Contracts with Customers, was adopted in May 2014, and will be effective for public...