Download or read book Revenue Recognition written by Frank J. Beil and published by Business Expert Press. This book was released on 2013-03-27 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue is the “top” line on the income statement and is the fundamental driver of business success. To understand all the complexities involved in recognizing revenue under Generally Accepted Accounting Principles (GAAP) you should primarily be concerned with two things: (a) the timing aspect (the when issue) and (b) the amount to be recorded (the how much issue). This book will provide just that—extensive guidance in assisting you with the appropriate answers and much more. This book is designed for you and all the organizational responsibility you carry for your company in order to deliver real profits. It’s a comprehensive yet readable examination of the existing rules of revenue recognition for corporate entities, and after reading the book, you’ll have a thorough understanding of how accountants measure and record revenue. This “skill-set” will prove invaluable in understanding the impact that your business decisions will have on the financial statements with an emphasis on the income statement and the statement of cash flows. (It will also have an executive-level overview of the proposed “IASB and FASB Standard: Revenue from Contracts with Customers.”)
Download or read book Principles of Accounting Volume 1 Financial Accounting written by Mitchell Franklin and published by . This book was released on 2019-04-11 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.
Download or read book Revenue Recognition written by Frank Beil and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Summary: Revenue is the "top" line on the income statement and is the fundamental driver of business success. It is essential that managers and executives understand the complexities involved in recognizing revenue under Generally Accepted Accounting Principles (GAAP) in the US Revenue Recognition principles are , are primarily concerned with two things: (a) the timing aspect (the when issue) and (b) the amount to be recorded (the how much issue). This book will provide extensive guidance in assisting managers with the appropriate answers to the two questions above for their companies. This book is principally designed for managers and executives who have organizational responsibility for delivering results in the form of "profits" for their organizations. The book will be a comprehensive yet readable examination of the existing rules of revenue recognition for corporate entities. After reading the book, the manager or executive will have a thorough understanding of how accountants measure and record revenue. This "skill-set" will prove invaluable in understanding the impact that their business decisions will have on the financial statements with an emphasis on the income statement and the statement of cash flows. The book will also have an executive-level overview of the proposed "IASB and FASB Standard: Revenue from Contracts with Customers."
Download or read book Revenue Recognition written by Renee Rampulla and published by John Wiley & Sons. This book was released on 2020-08-27 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, there is FASB ASC 606, a new standard which is critical to understand before it can be successfully implemented. Supported by practical examples, industry specific real-life scenarios, and more than a dozen exercises, this work will assist you in avoiding revenue recognition traps and provide you with the latest FASB guidance. You will gain an in-depth understanding of the revenue recognition framework that is built around the core principles of this new five-step process. In addition, you will gain a better understanding of the changes in disclosure requirements. Key topics covered include: Background, purpose, and main provisions of new standard (FASB ASC 606) Transition guidance Five-step process for recognizing revenue Disclosure requirements Implementation guidance — contracts, tax matters, internal controls, IT
Download or read book Revenue Recognition Guide 2022 written by Scott A. Taub and published by . This book was released on 2021-08-17 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue Recognition Guide is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue. It covers the new authoritative literature related to revenue recognition that became effective in the past few years. Revenue Recognition Guide clarifies revenue recognition concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new revenue recognition literature.
Download or read book Wiley Revenue Recognition written by Joanne M. Flood and published by Wiley. This book was released on 2017-02-13 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Everything you need to understand and implement the new converged FASB-IASB revenue recognition standard Wiley Revenue Recognition provides an overview of the new revenue recognition standard and instructs financial statement preparers step-by-step through the new model, providing numerous, helpful application examples along the way. Readers will grasp the many new disclosures that will be required through the use of detailed explanations and useful samples, while electronic tools will be available to aid the preparer in implementing the standards and making the proper disclosures. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are in the final stages of a decade-long project to clarify and converge revenue recognition standards. This new principles-based standard-which will affect the business practices of virtually every company worldwide-is designed to serve as one model applied consistently across most industries. This book guides professionals through the new standard.-Offers a full explanation of over forty topics superseded by the new standard -Includes digital ancillaries featuring measurement tools and GAAP and IFRS Disclosure Checklists -Provides all the tools needed to implement the new revenue recognition standard -Covers how the structure of contracts will be affected Wiley Revenue Recognition is a trusted, authoritative guide to the new FASB-IASB revenue recognition standard for CPAs and financial professionals worldwide.
Download or read book Wiley Revenue Recognition Website written by Joanne M. Flood and published by John Wiley & Sons. This book was released on 2017-02-21 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Everything you need to understand and implement the new converged FASB-IASB revenue recognition standard Wiley Revenue Recognition provides an overview of the new revenue recognition standard and instructs financial statement preparers step-by-step through the new model, providing numerous, helpful application examples along the way. Readers will grasp the many new disclosures that will be required through the use of detailed explanations and useful samples, while electronic tools will be available to aid the preparer in implementing the standards and making the proper disclosures. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are in the final stages of a decade-long project to clarify and converge revenue recognition standards. This new principles-based standard—which will affect the business practices of virtually every company worldwide—is designed to serve as one model applied consistently across most industries. This book guides professionals through the new standard. Offers a full explanation of over forty topics superseded by the new standard Includes digital ancillaries featuring measurement tools and GAAP and IFRS Disclosure Checklists Provides all the tools needed to implement the new revenue recognition standard Covers how the structure of contracts will be affected Wiley Revenue Recognition is a trusted, authoritative guide to the new FASB-IASB revenue recognition standard for CPAs and financial professionals worldwide.
Download or read book Revenue Recognition Guide 2009 written by Ashwinpaul C. Sondhi and published by CCH. This book was released on 2008 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue is the top line in the income statement and one of the most important figures to both preparers and users of financial statements. It is also one of the most difficult numbers in the financial statements to get right. Revenue Recognition Guide is a comprehensive reference manual covering the key concepts and issues that arise in determining when and how to recognize revenue. It covers the litany of existing authoritative literature related to revenue recognition and clarifies those revenue recognition concepts that are vague.
Download or read book IFRS 4 Insurance Contracts written by International Accounting Standards Board and published by . This book was released on 2004 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Crash Course in Accounting and Financial Statement Analysis written by Matan Feldman and published by John Wiley & Sons. This book was released on 2011-07-20 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seamlessly bridging academic accounting with real-life applications, Crash Course in Accounting and Financial Statement Analysis, Second Edition is the perfect guide to a complete understanding of accounting and financial statement analysis for those with no prior accounting background and those who seek a refresher.
Download or read book Financial Reporting and Analysis written by Lawrence Revsine and published by McGraw-Hill/Irwin. This book was released on 2008-06-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Reporting & Analysis (FR&A) by Revsine/Collins/Johnson/Mittelstaedt emphasizes both the process of financial reporting and the analysis of financial statements. This book employs a true "user" perspective by discussing the contracting and decision implications of accounting and this helps readers understand why accounting choices matter and to whom. Revsine, Collins, Johnson, and Mittelstaedt train their readers to be good financial detectives, able to read, use, and interpret the statements and-most importantly understand how and why managers can utilize the flexibility in GAAP to manipulate the numbers for their own purposes.
Download or read book Understanding Revenue Recognition written by and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This alert is intended to provide accountants and auditors a better understanding of FASB Accounting Standard Update (ASU) no. 2014-09, 'Revenue from Contracts with Customers (Topic 606).' The alert outlines the provisions under the new framework for revenue recognition, and illustrates differences from current standards"--Page iii.
Download or read book Welcoming the New Revenue Recognition Standard written by C. A. Ambalika Singh and published by Independently Published. This book was released on 2018-06-17 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: The New Revenue Recognition Standard is a joint bold move made by both the FASB and the IASB to give top-lines of companies, across industries, a common denominator. It is a ground-breaking shift from the fair value measure of vendor specific objective evidence ('VSOE') to measure revenue, to one which takes into account what consideration the entity really expects to be entitled to receive from the contract with a 'customer'. Collaborative arrangements would come under the scanner as the collaborator may not be acting as a 'customer'. Moreover, the terms 'client' and 'customer' would no longer be fungible.ASC 606 provides guidance that will apply to all entities, including non-public entities that previously did not have extensive guidance. IFRS differs in this respect as IFRS for Small and Medium-sized Entities is available for entities that do not have public accountability.The new standard broadens the definition of revenue to include newer concepts like costs to obtain and fulfil a contract, material rights and gain and loss from sale of non-financial assets. The revenue is recognised upon control transfer rather than on delivery/ transfer of risks and rewards and the standard introduces the concept of 'control transferred at a point in time' and 'control transferred over time'. The standard requires management to increase exercise of judgment and estimate variable consideration, after applying constraints. The hierarchy for estimating stand-alone selling prices has been done away with. Allocation of discounts and assessing collectability may undergo a change as the two would be analysed at the worm's eye view level of the performance obligation and not at the bird's eye view level of the contract. Early in 2017, we saw ASU 2017-01 and ASU 2017-05 narrowing the definition of 'business' and defining an 'In Substance Non financial asset', respectively. The new definition of business disqualifies a set as a business when all or substantially all of the fair value of the gross assets (acquired or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets- think early stage life sciences companies, real estate and shipping companies. Further the new definition of business requires an input and a substantive process that together significantly contribute to the ability to create output- all of which should be acquired and evaluation of whether a market participant is able to replace the missing elements has been done away with. Further cost savings would not qualify as an output, which would be aligned with outputs described in ASC 606. The overall assessment of a business however still continues to be done from a market participant's angle and the buyer's and seller's intentions do not affect the analysis- same as today, except that the requirement of assessing whether a market participant would be able to replace missing elements has been done away with. These two ASUs impact the new revenue recognition standard from the point of view of a sale of non-financial assets to a customer- where the interest in an entity does not fall under the new definition of business but within the definition of essentially a non-financial asset.The new revenue recognition standard affects more than just revenue and impacts the business processes and results in dual SOX testing during the transition phase. With sufficient training, discussion and planning, all managements will be able to do the 'heavy lifting'.
Download or read book Revenue Recognition Guide 2024 written by A Taub Scott and published by . This book was released on 2023-08-15 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue Recognition Guide is a comprehensive reference manual covering key concepts and issues that arise in determining when and how to recognize revenue in accordance with US and International accounting standards. Revenue Recognition Guide clarifies revenue recognition concepts and principles, and provides insight into issues that have been addressed as the accounting profession prepares to adopt the new revenue recognition literature. This edition of the guide provides comprehensive discussion of the authoritative literature on revenue recognition that is included in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and International Financial Reporting Standard 15, Revenue from Contracts with Customers. The book includes discussion, analysis, and example throughout, and includes excerpts from public filings illustrating many of the principles of the standards. How Is This Guide Organized? Within the 14 chapters of the book, the text includes references to the paragraphs of the authoritative literature that address key points. In addition, references are included to relevant examples in the accounting literature that highlight the application of the requirements. This book also includes a number of illustrations that focus on key points, and a number of Practice Pointers that highlight key consequences of the guidance and identify issues to watch for when dealing with certain revenue transactions. Organization Objectives and Framework Chapter 2, "Scope and Overview of Topic 606/IFRS 15," explains the objectives and core principles of the new revenue recognition standards, and provides a high-level discussion of the five-step model that frames the guidance on determining the amount of revenue and the timing of revenue recognition. Chapter 2, "Scope and Overview of Topic 606/IFRS 15," also discusses the scope of the new guidance. Chapters 3-7 provide a detailed discussion of each of the five steps in the model, including implementation guidance in the standard, as well as guidance that has resulted from discussions of the TRG and the IFRIC. Related Matters Chapter 8, "Continuing Involvement," discusses guidance in Topic 606/IFRS 15 on certain additional matters, including common contract terms such as warranties, rights of return, repurchase provisions, and options for additional goods and services. Chapter 9, "Costs of Contracts with Customers," addresses the guidance on costs of revenue transactions. Chapter 10, "Presentation," addresses matters of the presentation of revenue transactions in balance sheets and income statements, including discussion of whether to recognize transactions on a gross or net basis. Application to Common Arrangements Chapters 11-13 then explain how the model applies to common issues faced in the delivery of products, services, and intellectual property to customers. Explaining how the five steps apply to common transactions is intended to both provide practical guidance for readers and reinforce the understanding of the principles of the standard. Financial Reporting Chapter 14, "Disclosure," addresses disclosures required by the new literature that go far beyond the disclosure requirements that currently exist. This chapter also discusses revenue disclosures required in SEC filings in areas other than the financial statements.
Download or read book Audits of Property and Liability Insurance Companies written by and published by . This book was released on 2000 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Revenue Recognition Guide 2013 written by Scott A Taub, CPA and published by CCH Incorporated. This book was released on 2012-10-13 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Audit and Accounting Guide written by AICPA and published by John Wiley & Sons. This book was released on 2020-07-24 with total page 768 pages. Available in PDF, EPUB and Kindle. Book excerpt: From financial reporting to revenue recognition to grants and contracts to auditor report changes, you have a lot going on in the not-for-profit financial arena right now. Whether you're already an expert in NFP audit and accounting standards or just getting started, this is the practical guidance you need. This must-have resource for nonprofits accounting and auditing professionals is an essential reference that will assist you with the unique aspects of accounting and financial statement preparation and auditing for not-for-profit entities. It will help you with the following Understand and implement recent updates and changes, including those related to financial reporting, revenue recognition, and grants and contracts Gain a full understanding of the accounting issues unique to not-for-profit entities Assist in the implementation of auditor report changes.
