Essay on Revenue Recognition - 2678 Words.
The article “Revenue Recognition Convergence: The Contract-Based Model” is all about revenue recognition. It begins by explaining the conceptual background information to give you an overview of what revenue recognition is both in the US and internationally.
Essay on Revenue Recognition.The issue of revenue recognition practices is an area that has received a lot of attention from regulators.
The essay will describe the principles of revenue recognition, the difference between “income” and “revenue”, measurement issues between historical cost and value, matching of revenue and expenses, and the differences between the previous conceptual framework and the amendments made in the new revenue recognition model.
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Without such guidance, the revenue recognition norm in Concepts Statement 5 for example that revenue must not be recognized until it is realized or realizable and earned must be observed. but, SAB 104 is more particular, stipulating further requirement for fulfilling those norms and shows the SEC workforce's opinion that the four basic measures in case of revenue recognition in AICPA SOP 97-2.
Countries across the world deal with the issue of revenue recognition very differently and, as such, it is particularly difficult to compare international businesses. The way in which revenue is recognised will have an impact on the perceived financial health of an organisation and different approaches can make it extremely difficult for analysts and investors to make a fair comparison.
Coverage of revenue recognition in intermediate accounting courses is typically limited to learning and applying the criteria for revenue recognition outlined in the Financial Accounting Standards Board’s (FASB) Statement of Financial Accounting Concepts No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, to routine transactions and topics, such as long-term.