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Course Description
Revenue Recognition: Rules and Standards
Accounting & Auditing
(4
credits)
$59.95
A record number of companies revised their financials in 2005. The most frequent cause of financial restatements was revenue recognition, which accounted for some 20 percent of all restatements in 2006 and 25 percent during the past five years.
This course covers the accounting, reporting, and disclosures associated with revenue recognition for the sale of products or rendering of services. Revenue involves a gross increase in assets or decrease in liabilities. Revenue may be recognized at the time of sale or service, during production, at the completion of production, and at the time of cash receipt. Long-term construction contracts may be accounted for under the percentage-of-completion method or the completed contract method. When a right of return exists, revenue may or may not be recognized, depending on the circumstances. The accounting treatment of warranty and maintenance contracts, contributions, and computer software is also discussed.
Major
Subjects:
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Points of Controversy
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Financial Restatements
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Rules, Concepts and Illustrations
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