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brief discussion of the advantages of electronic confirmations in your
write-up.
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ACC 546 Case 9.3 Longeta Corporation
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Case 9.3 Longeta Corporation
overs auditing revenue contracts.
You want to be thoroughly prepared for the meeting with the audit
manager. Perform the following procedures to be certain you have all
necessary information about the transaction’s treatment.
[1] The Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB) recently completed a
joint project to develop a common revenue standard for U.S. GAAP and
IFRS to improve revenue recognition practices and to remove
inconsistencies and weaknesses in revenue requirements. The updated
guidance is contained in the Accounting Standards Codification as Topic
606, “Revenue from Contracts with Customers.” Review that guidance
to summarize the core principle for recognizing revenue and briefly