[PDF] Revenue Recognition eBook

Author : Frank Beil
Publisher :
Page : 0 pages
File Size : 27,22 MB
Release : 2013
Category : Revenue
ISBN : 9781606495940

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Summary: Revenue is the "top" line on the income statement and is the fundamental driver of business success. It is essential that managers and executives understand the complexities involved in recognizing revenue under Generally Accepted Accounting Principles (GAAP) in the US Revenue Recognition principles are , are primarily concerned with two things: (a) the timing aspect (the when issue) and (b) the amount to be recorded (the how much issue). This book will provide extensive guidance in assisting managers with the appropriate answers to the two questions above for their companies. This book is principally designed for managers and executives who have organizational responsibility for delivering results in the form of "profits" for their organizations. The book will be a comprehensive yet readable examination of the existing rules of revenue recognition for corporate entities. After reading the book, the manager or executive will have a thorough understanding of how accountants measure and record revenue. This "skill-set" will prove invaluable in understanding the impact that their business decisions will have on the financial statements with an emphasis on the income statement and the statement of cash flows. The book will also have an executive-level overview of the proposed "IASB and FASB Standard: Revenue from Contracts with Customers."

Author : Frank J. Beil
Publisher : Business Expert Press
Page : 107 pages
File Size : 19,22 MB
Release : 2013-03-27
Category : Business & Economics
ISBN : 160649595X

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Revenue is the “top” line on the income statement and is the fundamental driver of business success. To understand all the complexities involved in recognizing revenue under Generally Accepted Accounting Principles (GAAP) you should primarily be concerned with two things: (a) the timing aspect (the when issue) and (b) the amount to be recorded (the how much issue). This book will provide just that—extensive guidance in assisting you with the appropriate answers and much more. This book is designed for you and all the organizational responsibility you carry for your company in order to deliver real profits. It’s a comprehensive yet readable examination of the existing rules of revenue recognition for corporate entities, and after reading the book, you’ll have a thorough understanding of how accountants measure and record revenue. This “skill-set” will prove invaluable in understanding the impact that your business decisions will have on the financial statements with an emphasis on the income statement and the statement of cash flows. (It will also have an executive-level overview of the proposed “IASB and FASB Standard: Revenue from Contracts with Customers.”)

Author : Mitchell Franklin
Publisher :
Page : 1056 pages
File Size : 21,14 MB
Release : 2019-04-11
Category :
ISBN : 9781680922912

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The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.

Author : Karlheinz Eichelmann
Publisher : GRIN Verlag
Page : 56 pages
File Size : 32,32 MB
Release : 2007-11
Category : Business & Economics
ISBN : 3638841162

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Seminar paper from the year 2004 in the subject Business economics - Revision, Auditing, grade: 1,0, University of Augsburg (Lehrstuhl f r Wirtschaftspr fung und Controlling), course: US-GAAP Seminar, 27 entries in the bibliography, language: English, abstract: Several years ago software vendors had the possibility to implement very different accounting practices for their financial statements especially in the area of revenue recognition. About 15% of the companies, covered by a survey of ADAPSO in 1983, took use of the ability to blow up revenue and recognized it early upon signing of the contract. Since then the rules have changed a lot. New accounting standards were introduced and software companies are now limited in how and when they can recognize revenue. This leads to the ability to compare financial statements among competitors more easily and reflects the current financial condition in a better way. The aim of this paper is to provide an overview about US-GAAP's regulations of software revenue recognition. Therefore the criteria of SOP 97-2 and SOP 98-9 are explained and multiple-element arrangements are also described in detail.

Author : Steven M. Bragg
Publisher : John Wiley & Sons
Page : 182 pages
File Size : 33,25 MB
Release : 2010-05-11
Category : Business & Economics
ISBN : 0470640634

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Now fully revised and updated—the most practical, authoritative guide to every aspect of revenue recognition Revenue is one of the most important figures to both preparers and users of financial statements—and is one of the most difficult to get right. Now in a Second Edition, Wiley Revenue Recognition helps you confidently navigate and address the uncertainties in this intricate area of accounting. Accounting expert Steven Bragg provides not only a detailed view of the current accounting rules and regulations pertaining to revenue recognition, but also describes the exact sources of this information, how a company's treatment of revenue recognition is to be disclosed alongside the financial statements, and what policies, procedures, and controls can be used to enforce it in a consistent manner. Filled with new examples and disclosures throughout, this invaluable guide features cutting-edge coverage of: SEC Staff Accounting Bulletin 104, EITF 07-6, IAS 18, SIC 31, IFRIC 12,13, and 15 The concepts of sale recognition when collection is uncertain When the right of product return exists The new GAAP Codification references Expanded coverage of IFRS and SEC reporting issues Complying with Sarbanes-Oxley by revealing key controls over revenue recognition All aspects of revenue recognition, including control systems, supported by extensive examples The most complex revenue recognition concepts Descriptions of control points throughout the book Revenue recognition for various industries, including franchising, construction, motion pictures, not-for-profits, real estate, recording and music, services, and software Wiley Revenue Recognition is a thorough introduction to every aspect of revenue recognition—how to account for it, report it, and set up systems and controls to ensure that the rules are properly followed. With practicable, workable advice, this authoritative guide will assist you in consistently recognizing revenue in the correct amounts, at the right time, and in accordance with generally accepted accounting principles.

Author : Joanne M. Flood
Publisher : John Wiley & Sons
Page : 353 pages
File Size : 26,51 MB
Release : 2017-01-20
Category : Business & Economics
ISBN : 1119351685

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Everything you need to understand and implement the new converged FASB-IASB revenue recognition standard Wiley Revenue Recognition provides an overview of the new revenue recognition standard and instructs financial statement preparers step-by-step through the new model, providing numerous, helpful application examples along the way. Readers will grasp the many new disclosures that will be required through the use of detailed explanations and useful samples, while electronic tools will be available to aid the preparer in implementing the standards and making the proper disclosures. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are in the final stages of a decade-long project to clarify and converge revenue recognition standards. This new principles-based standard—which will affect the business practices of virtually every company worldwide—is designed to serve as one model applied consistently across most industries. This book guides professionals through the new standard. Offers a full explanation of over forty topics superseded by the new standard Includes digital ancillaries featuring measurement tools and GAAP and IFRS Disclosure Checklists Provides all the tools needed to implement the new revenue recognition standard Covers how the structure of contracts will be affected Wiley Revenue Recognition is a trusted, authoritative guide to the new FASB-IASB revenue recognition standard for CPAs and financial professionals worldwide.

Author : Ashwinpaul C. Sondhi
Publisher : CCH
Page : 642 pages
File Size : 27,53 MB
Release : 2008
Category : Business & Economics
ISBN : 9780808092377

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Revenue is the top line in the income statement and one of the most important figures to both preparers and users of financial statements. It is also one of the most difficult numbers in the financial statements to get right. Revenue Recognition Guide is a comprehensive reference manual covering the key concepts and issues that arise in determining when and how to recognize revenue. It covers the litany of existing authoritative literature related to revenue recognition and clarifies those revenue recognition concepts that are vague.

Author : Renee Rampulla
Publisher : John Wiley & Sons
Page : 262 pages
File Size : 39,29 MB
Release : 2020-09-16
Category : Business & Economics
ISBN : 1119763789

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For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, there is FASB ASC 606, a new standard which is critical to understand before it can be successfully implemented. Supported by practical examples, industry specific real-life scenarios, and more than a dozen exercises, this work will assist you in avoiding revenue recognition traps and provide you with the latest FASB guidance. You will gain an in-depth understanding of the revenue recognition framework that is built around the core principles of this new five-step process. In addition, you will gain a better understanding of the changes in disclosure requirements. Key topics covered include: Background, purpose, and main provisions of new standard (FASB ASC 606) Transition guidance Five-step process for recognizing revenue Disclosure requirements Implementation guidance — contracts, tax matters, internal controls, IT

Author : C. A. Ambalika Singh
Publisher : Independently Published
Page : 170 pages
File Size : 24,47 MB
Release : 2018-06-17
Category :
ISBN : 9781983132131

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The New Revenue Recognition Standard is a joint bold move made by both the FASB and the IASB to give top-lines of companies, across industries, a common denominator. It is a ground-breaking shift from the fair value measure of vendor specific objective evidence ('VSOE') to measure revenue, to one which takes into account what consideration the entity really expects to be entitled to receive from the contract with a 'customer'. Collaborative arrangements would come under the scanner as the collaborator may not be acting as a 'customer'. Moreover, the terms 'client' and 'customer' would no longer be fungible.ASC 606 provides guidance that will apply to all entities, including non-public entities that previously did not have extensive guidance. IFRS differs in this respect as IFRS for Small and Medium-sized Entities is available for entities that do not have public accountability.The new standard broadens the definition of revenue to include newer concepts like costs to obtain and fulfil a contract, material rights and gain and loss from sale of non-financial assets. The revenue is recognised upon control transfer rather than on delivery/ transfer of risks and rewards and the standard introduces the concept of 'control transferred at a point in time' and 'control transferred over time'. The standard requires management to increase exercise of judgment and estimate variable consideration, after applying constraints. The hierarchy for estimating stand-alone selling prices has been done away with. Allocation of discounts and assessing collectability may undergo a change as the two would be analysed at the worm's eye view level of the performance obligation and not at the bird's eye view level of the contract. Early in 2017, we saw ASU 2017-01 and ASU 2017-05 narrowing the definition of 'business' and defining an 'In Substance Non financial asset', respectively. The new definition of business disqualifies a set as a business when all or substantially all of the fair value of the gross assets (acquired or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets- think early stage life sciences companies, real estate and shipping companies. Further the new definition of business requires an input and a substantive process that together significantly contribute to the ability to create output- all of which should be acquired and evaluation of whether a market participant is able to replace the missing elements has been done away with. Further cost savings would not qualify as an output, which would be aligned with outputs described in ASC 606. The overall assessment of a business however still continues to be done from a market participant's angle and the buyer's and seller's intentions do not affect the analysis- same as today, except that the requirement of assessing whether a market participant would be able to replace missing elements has been done away with. These two ASUs impact the new revenue recognition standard from the point of view of a sale of non-financial assets to a customer- where the interest in an entity does not fall under the new definition of business but within the definition of essentially a non-financial asset.The new revenue recognition standard affects more than just revenue and impacts the business processes and results in dual SOX testing during the transition phase. With sufficient training, discussion and planning, all managements will be able to do the 'heavy lifting'.

Author : Joanne M. Flood
Publisher : John Wiley & Sons
Page : 240 pages
File Size : 36,37 MB
Release : 2017-02-21
Category : Business & Economics
ISBN : 1118776852

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Everything you need to understand and implement the new converged FASB-IASB revenue recognition standard Wiley Revenue Recognition provides an overview of the new revenue recognition standard and instructs financial statement preparers step-by-step through the new model, providing numerous, helpful application examples along the way. Readers will grasp the many new disclosures that will be required through the use of detailed explanations and useful samples, while electronic tools will be available to aid the preparer in implementing the standards and making the proper disclosures. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are in the final stages of a decade-long project to clarify and converge revenue recognition standards. This new principles-based standard—which will affect the business practices of virtually every company worldwide—is designed to serve as one model applied consistently across most industries. This book guides professionals through the new standard. Offers a full explanation of over forty topics superseded by the new standard Includes digital ancillaries featuring measurement tools and GAAP and IFRS Disclosure Checklists Provides all the tools needed to implement the new revenue recognition standard Covers how the structure of contracts will be affected Wiley Revenue Recognition is a trusted, authoritative guide to the new FASB-IASB revenue recognition standard for CPAs and financial professionals worldwide.