Wiley Revenue Recognition: Rules and Scenarios by Steven M. Bragg

By Steven M. Bragg

Now absolutely revised and updated—the such a lot functional, authoritative consultant to each element of profit recognition

Revenue is likely one of the most crucial figures to either preparers and clients of monetary statements—and is without doubt one of the so much tricky to get right.

Now in a Second Edition, Wiley profit Recognition is helping you with a bit of luck navigate and tackle the uncertainties during this complicated region of accounting. Accounting professional Steven Bragg offers not just a close view of the present accounting principles and rules relating profit popularity, but additionally describes the precise assets of this knowledge, how a company's remedy of profit popularity is to be disclosed along the monetary statements, and what guidelines, strategies, and controls can be utilized to implement it in a constant manner.

Filled with new examples and disclosures all through, this important consultant positive aspects state of the art insurance of:

  • SEC employees Accounting Bulletin 104, EITF 07-6, IAS 18, SIC 31, IFRIC 12,13, and 15

  • The innovations of sale acceptance whilst assortment is uncertain

  • When definitely the right of product go back exists

  • The new GAAP Codification references

  • Expanded insurance of IFRS and SEC reporting issues

  • Complying with Sarbanes-Oxley through revealing key controls over profit recognition

  • All features of profit popularity, together with keep an eye on structures, supported by means of large examples

  • The most complicated profit popularity concepts

  • Descriptions of keep watch over issues through the book

  • Revenue reputation for varied industries, together with franchising, development, movies, not-for-profits, genuine property, recording and song, companies, and software

Wiley profit Recognition is a radical advent to each point of profit recognition—how to account for it, document it, and organize structures and controls to make sure that the foundations are safely undefined. With conceivable, conceivable recommendation, this authoritative consultant will help you in continually spotting profit within the right quantities, on the correct time, and in line with ordinarily authorised accounting principles.

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Extra resources for Wiley Revenue Recognition: Rules and Scenarios

Sample text

If the goods are returned to finished goods stock, they are entered into inventory at full cost, and the accounting department is notified of the transaction so it can record the inventory valuation as an offset to the receivable being canceled as part of the repossession. b. If the goods are to be refurbished, they are entered into inventory at their current fair value, and the accounting department is notified of the reduced valuation so it can record the reduced Chapter 2 / Revenue Recognition When Collection Is Uncertain 39 inventory valuation as a smaller offset to the receivable being canceled as part of the repossession.

In other cases, the return privilege may last over an extended period of time, as in magazine and textbook publishing and equipment manufacturing. The rate of return normally is directly related to the length of the return privilege. An accounting issue arises when the recognition of revenue occurs in one period while substantial returns occur in later periods. FAS 48, Revenue Recognition when Right of Return Exists, reduced the diversity in the accounting for revenue recognition when such rights exist.

6 (CON 6), Elements of Financial Statements • Paragraph 79, “Characteristics of Revenues” • Paragraphs 232–234, “Deferred Gross Profit on Installment Sales” OVERVIEW Under generally accepted accounting principles (GAAP), revenue recognition customarily does not depend on the collection of cash. Accrual accounting techniques normally record revenue at the point of a credit sale by establishing a receivable. When uncertainty arises surrounding the collectibility of this amount, the receivable is appropriately adjusted by establishing a valuation allowance.

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