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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.
Revenue Recognition Guide is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue. It covers the new authoritative literature related to revenue recognition that became effective in the past few years. Revenue Recognition Guide clarifies revenue recognition concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new revenue recognition literature.
Revenue Recognition Guide is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue in accordance with US and International accounting standards. Revenue Recognition Guide clarifies revenue recognition concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new revenue recognition literature. This edition of the guide provides comprehensive discussion of the authoritative literature on revenue recognition that is included in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and International Financial Reporting Standard 15, Revenue from Contracts with Customers. The book includes discussion, analysis, and example throughout, and includes excerpts from public filings illustrating many of the principles of the standards. How Is This Guide Organized? Within the 14 chapters of the book, the text includes references to the paragraphs of the authoritative literature that address key points. In addition, references are included to relevant examples in the accounting literature that highlight the application of the requirements. This book also includes a number of illustrations that focus on key points, and a number of Practice Pointers that highlight key consequences of the guidance and identify issues to watch for when dealing with certain revenue transactions. Organization Objectives and Framework Chapter 2, "Scope and Overview of Topic 606/IFRS 15," explains the objectives and core principles of the new revenue recognition standards, and provides a high-level discussion of the five-step model that frames the guidance on determining the amount of revenue and the timing of revenue recognition. Chapter 2, "Scope and Overview of Topic 606/IFRS 15," also discusses the scope of the new guidance. Chapters 3-7 provide a detailed discussion of each of the five steps in the model, including implementation guidance in the standard, as well as guidance that has resulted from discussions of the TRG and the IFRIC. Related Matters Chapter 8, "Continuing Involvement," discusses guidance in Topic 606/IFRS 15 on certain additional matters, including common contract terms such as warranties, rights of return, repurchase provisions, and options for additional goods and services. Chapter 9, "Costs of Contracts with Customers," addresses the guidance on costs of revenue transactions. Chapter 10, "Presentation," addresses matters of the presentation of revenue transactions in balance sheets and income statements, including discussion of whether to recognize transactions on a gross or net basis. Application to Common Arrangements Chapters 11-13 then explain how the model applies to common issues faced in the delivery of products, services, and intellectual property to customers. Explaining how the five steps apply to common transactions is intended to both provide practical guidance for readers and reinforce the understanding of the principles of the standard. Financial Reporting Chapter 14, "Disclosure," addresses disclosures required by the new literature that go far beyond the disclosure requirements that currently exist. This chapter also discusses revenue disclosures required in SEC filings in areas other than the financial statements.
A comprehensive reference manual covering the key concepts and issues that arise in determining when and how to recognize revenue, this guide features examples of key points, excerpts from financial statements of public companies, and discussions of revenue recognition projects.
Revenue Recognition Guide is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue in accordance with US and International accounting standards. Revenue Recognition Guide clarifies revenue recognition concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new revenue recognition literature. This edition of the guide provides comprehensive discussion of the authoritative literature on revenue recognition that is included in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and International Financial Reporting Standard 15, Revenue from Contracts with Customers. The book includes discussion, analysis, and example throughout, and includes excerpts from public filings illustrating many of the principles of the standards. How Is This Guide Organized? Within the 14 chapters of the book, the text includes references to the paragraphs of the authoritative literature that address key points. In addition, references are included to relevant examples in the accounting literature that highlight the application of the requirements. This book also includes a number of illustrations that focus on key points, and a number of Practice Pointers that highlight key consequences of the guidance and identify issues to watch for when dealing with certain revenue transactions. Organization Objectives and Framework Chapter 2, "Scope and Overview of Topic 606/IFRS 15," explains the objectives and core principles of the new revenue recognition standards, and provides a high-level discussion of the five-step model that frames the guidance on determining the amount of revenue and the timing of revenue recognition. Chapter 2, "Scope and Overview of Topic 606/IFRS 15," also discusses the scope of the new guidance. Chapters 3-7 provide a detailed discussion of each of the five steps in the model, including implementation guidance in the standard, as well as guidance that has resulted from discussions of the TRG and the IFRIC. Related Matters Chapter 8, "Continuing Involvement," discusses guidance in Topic 606/IFRS 15 on certain additional matters, including common contract terms such as warranties, rights of return, repurchase provisions, and options for additional goods and services. Chapter 9, "Costs of Contracts with Customers," addresses the guidance on costs of revenue transactions. Chapter 10, "Presentation," addresses matters of the presentation of revenue transactions in balance sheets and income statements, including discussion of whether to recognize transactions on a gross or net basis. Application to Common Arrangements Chapters 11-13 then explain how the model applies to common issues faced in the delivery of products, services, and intellectual property to customers. Explaining how the five steps apply to common transactions is intended to both provide practical guidance for readers and reinforce the understanding of the principles of the standard. Financial Reporting Chapter 14, "Disclosure," addresses disclosures required by the new literature that go far beyond the disclosure requirements that currently exist. This chapter also discusses revenue disclosures required in SEC filings in areas other than the financial statements.
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. For issues not addressed in the accounting literature, this Guide provides suggested accounting treatments that are consistent with general revenue recognition concepts and principles. The Guide also provides examples of key points, includes excerpts from the financial statements of public companies, illustrating key concepts and judgments, and discusses revenue recognition projects on the agendas of the various accounting standard-setters. The 2016 Edition also includes a discussion of the new comprehensive standard on revenue recognition, ASU 2014-09, which will be effective in 2017 for public companies and 2018 for private companies. This new standard will replace almost all of the existing guidance on revenue recognition. Revenue Recognition Guide is organized into 13 chapters. Within these chapters, a number of Observations and Practice Pointers highlight key consequences of the accounting guidance and identifies issues to watch for when dealing with certain revenue transactions. SEC Registrant Alerts highlights issues that the SEC is particularly focused on, as well as additional guidance provided by the SEC beyond the guidance typically followed by non-public companies. To facilitate research, the text includes references to pertinent paragraphs of the authoritative literature addressing k
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. For issues not addressed in the accounting literature, this Guide provides suggested accounting treatments that are consistent with general revenue recognition concepts and principles. The Guide also provides examples of key points, includes excerpts from the financial statements of public companies, illustrating key concepts and judgments, and discusses revenue recognition projects on the agendas of the various accounting standardsetters. Revenue Recognition Guide is organized into 13 chapters. Within these chapters, a number of Observations and Practice Pointers highlight key consequences of the accounting guidance and identifies issues to watch for when dealing with certain revenue transactions. SEC Registrant Alerts highlights issues that the SEC is particularly focused on, as well as additional guidance provided by the SEC beyond the guidance typically followed by nonpublic companies. To facilitate research, the text includes references to pertinent paragraphs of the authoritative literature addressing key points. Material can be located several ways: the CrossReference lists show the chapter in which a particular pronouncement is discussed; the Index provides a quick page reference based on topic.
Completely rewritten for 2017, Revenue Recognition Guide is a comprehensive reference manual that addresses authoritative literature on revenue recognition that must be adopted by public companies by 2018. Revenue Recognition Guide clarifies concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new guidance.