When the PCAOB Issued Guidance in May 2017 to Assist

question 124

True/False

When the PCAOB issued guidance in May 2017 to assist auditors of public companies implementing the new revenue recognition standard, the PCAOB did not mention the importance of auditing any transition adjustment recorded by management as part of the implementation of the new standard.

---

Definitions:

Dualistic

Pertaining to a theory or concept that divides a subject into two opposed or contrasted aspects or entities.

Reflect on Self-Thought

The process of introspection, examining one's own thoughts, beliefs, and cognitive processes.

Post-Formal Cognitive

A stage of cognitive development that goes beyond Piaget's formal operational stage, characterized by the ability to deal with complex situations and understand that knowledge can be relative.

Self-Determination

The ability of an individual to make choices and govern their own life.