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To Purchase: Annual subscription includes up to four updates.
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Revenue Recognition: The Complete Guide
Harold Peckron, J.D., LL.M., M.B.A., Ph.D. The financial reporting practices of businesses, especially their revenue reporting policies, are coming under increased scrutiny. Many recent scandals, splashed across the front pages of newspapers, have resulted from artificial inflation and overstatement of revenues, reporting of gains on sales of assets as revenue, backdating of sales contracts, improperly created cookie jar reserves, and questionable reporting methods. Whether misstatement of revenue occurs by intent, in response to pressure to perform, or simply because of improper understanding of the rules, businesses and their advisors must be alert to the signs of faulty policy. They need to be absolutely certain their policies are appropriate and legal. Revenue Recognition: The Complete Guide covers all the bases. It explains the financial accounting rules, as determined by the FASB, the PCAOB, the SEC, and the AICPA, for both public and private enterprises. It addresses the issues of premature and fictitious revenue reporting, and also fraudulent financial reporting. It discusses the variations in reporting practice that are standard and appropriate for a wide variety of specific industries. In addition, the tax and legal rules for revenue transactions and their interrelationship with financial accounting rules are examined. Examples, practical pointers, and procedures to follow are provided throughout the Guide. The Guide is divided into four parts:
Included in the Guide: · Identifying the revenue transaction cycle |
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