The financial reporting practices of businesses, especially their revenue reporting policies, are under ever-increasing scrutiny. Revenue Recognition: The Complete Guide explains the financial accounting rules, as determined by the FASB, the PCAOB, the SEC, and the AICPA, for both public and private enterprises, helping businesses and their advisors to ensure that their policies are appropriate and legal.
This publication provides guidance for a broad array of businesses, including accounting firms, automobile dealerships, commercial banking, consignment, construction contractors, franchises, government contractors, healthcare, insurance, law firms, manufacturers, media and entertainment, natural resources, real estate, retailers, software companies, and transportation organizations.
Benefits
- Thoroughly explains IRS revenue reporting requirements
- Addresses the issues of premature and fictitious revenue reporting, as well as fraudulent financial reporting
- Discusses the variations in reporting practice that are standard and appropriate for a wide variety of specific industries
- Examines tax and legal rules for revenue transactions and their interrelationship with financial accounting rules
- Helps professionals consider the timing of revenue recognition; reconcile the accounting, tax and legal rules; and be aware of standard practices for their industries and organizations
Topic Areas
- Cash flow versus revenue recognition
- Developing a revenue recognition policy
- Earning and realization versus recognition
- FASB, AICPA, and SEC rules
- Fraudulent financial reporting
- Identifying the revenue transaction cycle
- Industry-specific practices for many types of business
| - International guidelines
- New revenue recognition models
- Premature revenue recognition
- Role of the PCAOB
- Signs of “aggressive accounting”
- Tax rules versus financial accounting rules
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Features
| Supplementary Materials | Incorporates examples, practical pointers and procedures; the detailed checklists facilitate the demonstration of due diligence in revenue reporting. |