Revenue Recognition: The Complete Guide

Item Id: RR

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.

See below for Benefits, Topic Areas, Features and Other Formats.

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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

Features

Supplementary Materials	Incorporates examples, practical pointers and procedures; the detailed checklists facilitate the demonstration of due diligence in revenue reporting.