Jae K. Shim, Ph.D, CPA
4
Accounting
Basic
None
Self-Study
Online / CD-Rom / Textbook / Audio
4
Accounting
Basic
None
Self-Study
Online / CD-Rom / Textbook / Audio
A record number of companies are revising their financials in
2007. The most frequent cause of financial restatements was
revenue recognition, which accounted for over 20 percent of all
restatements in 2007 and 20 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.
2007. The most frequent cause of financial restatements was
revenue recognition, which accounted for over 20 percent of all
restatements in 2007 and 20 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.
| Author: CPE Credits: Field of Study(s): Experience Level: Prerequisites: Delivery Method: Course Format: |
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| Course Description: |
| Revenue Recognition: Rules and Standards |