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Topic: Revenue recognition Background: Many...




Topic: Revenue recognition Background: Many of the restatements filed over the last decade have been a result of revenue recognition errors. As a result, revenue recognition has become an increasingly important topic in accounting. 1. Under U.S. GAAP, when can revenue be recognized? What are the exceptions to this rule? 2. In Intermediate I, you learned about the convergence to IFRS. Revenue recognition has been the one of the most hotly debated topics in the convergence project. What is the proposed method of recognizing revenue under IFRS? 3. What do many of the interested parties perceive to be the primary problem with this proposed standard? Are there any benefits to this new standard? 4. Give an example of a company that recently (in the last 10 years) restated their revenue. What was the situation surrounding the restatement? What was the outcome? 5. Given the following scenario, on what date would you recognize revenue if preparing financials under U.S. GAAP? Would your answer change if you were using IFRS? Explain your answers in detail. (FYI, I?m not looking for a ?correct? answer as much as I am looking to see how you apply what you have read to this scenario).


Paper#2921 | Written in 18-Jul-2015

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