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

By Steven M. Bragg

The main sensible, authoritative consultant to each point of profit recognition-including Sarbanes-Oxley profit attractiveness is likely one of the such a lot important-and probably the most difficult-figures for either preparers and clients of economic statements. Wiley profit acceptance is helping you with a bit of luck navigate and tackle the uncertainties during this problematic quarter of accounting. Accounting professional Steven Bragg presents not just a close view of the present accounting principles and rules concerning profit attractiveness, but additionally describes the precise resources of this data, how a company's remedy of profit attractiveness is to be disclosed along the monetary statements, and what regulations, techniques, and controls can be utilized to implement it in a constant demeanour. Addressing profit attractiveness from each attitude with broad helping examples, this beneficial consultant: * exhibits the way to conform to Sarbanes-Oxley by way of revealing key controls over profit acceptance * Applies profit acceptance options to a number of examples on each subject * Explores all points of profit attractiveness, together with regulate structures, supported by means of wide examples * Illustrates the main complicated profit attractiveness ideas for less complicated reader comprehension * presents descriptions of regulate issues in the course of the e-book * Addresses profit acceptance for varied industries, together with franchising, development, films, not-for-profits, actual property, recording and song, providers, and software program simply because profit attractiveness ideas differ either through kind of transaction in addition to through undefined, the chapters of Wiley profit acceptance are clustered into transaction-related profit attractiveness principles, after which into industry-related profit reputation principles. moreover, there's insurance of: * long term building contracts * carrier sales * actual property revenues * profit popularity from franchising operations * Examples of profit disclosures Wiley profit acceptance is an intensive creation to each point of profit recognition-how to account for it, file it, and manage structures and controls to make sure that the foundations are adequately undefined. With viable, viable recommendation, this authoritative consultant will help you in constantly spotting profit within the right quantities, on the correct time, and according to in most cases authorized accounting ideas.

Show description

Read or Download Wiley Revenue Recognition: Rules and Scenarios PDF

Similar managerial books

Construction Accounting & Financial Management, 2nd Edition

This publication takes basic company accounting and monetary rules in addition to engineering economics and adapts them to the original features of the development undefined. It offers all the key monetary administration ideas wanted through building managers below one hide, addressing how they're utilized within the development and the way they have interaction.

Accounting and Financial System Reform in a Transition Economy: A Case Study of Russia

A lot has been written concerning the fiscal and political difficulties of nations which are within the means of altering from centrally deliberate structures to industry platforms. such a lot reviews have thinking about the commercial, criminal, political and sociological difficulties those economies have needed to face in the course of the transition interval.

Financial Services Anti-Fraud Risk and Control Workbook

Myth-busting advice for fraud preventionin a pragmatic workbook formatAn very good primer for constructing and imposing an anti-fraud software that works, monetary companies Anti-Fraud probability and regulate Workbook engages readers in an soaking up self-paced studying event to improve familiarity with the sensible elements of fraud detection and prevention at banks, funding businesses, credits unions, insurance firms, and different monetary prone services.

Encyclopedia of Finance

The Encyclopedia of Finance, moment variation, produced from over one thousand person definitions and chapters, is the main complete and up to date source within the box, integrating the most up-tp-date terminology, study, idea, and functional purposes. Showcasing contributions from a global array of specialists, the revised version of this significant reference paintings is unprecedented within the breadth and intensity of its insurance.

Additional info for Wiley Revenue Recognition: Rules and Scenarios

Sample text

If the facts in the Lipkis case were altered so that the bookstores were not required to pay Lipkis until the later of the date the books were actually sold or the expiration date of the return privilege, condition b. would not be met until the store remitted payment. The following entries would be required. The return privilege is, of course, assumed to be lost by the store when the books are sold to final customers. 12/1/07 Inventory on consignment 60,000 Inventory 60,000 To record shipment of 2,000 units to retail bookstores on consignment (2,000 units × $30 = $60,000) 12/31/07 Cash (600 units × $45 per unit) Sales To record cash receipts for December Cost of sales (600 units × $30 per unit) Inventory on consignment To record cost of goods sold for December 27,000 27,000 18,000 18,000 45 Chapter 3 / Revenue Recognition when Right of Return Exists 1/1/08 3/31/08 Cash Sales (1,200a units × $45 per unit) To record cash receipts 54,000 Cost of sales (1,200 units × $30 per unit) Inventory on consignment To record cost of goods sold on cash receipts 36,000 Inventory (160 units × $30 per unit) Inventory on consignment To record product returns 54,000 36,000 4,800 3/31/08 Accounts receivable (40 units × $45 per unit) 1,800 Sales To record expiration of return privilege on remaining units 4,800 1,800 b 1,200 Cost of sales (40 units × $30 per unit) Inventory on consignment 1,200 To record cost of goods sold on products for which return privilege expired a 1,800 units paid for – 600 units paid for in December b 2,000 units sold – 160 units returned – 1,800 units paid for DISCLOSURE OF THE RIGHT OF RETURN If there is considerable uncertainty regarding the amount of potential sales returns, such as may be caused by a new product, potential product obsolescence, or heightened competition, then a company may be forced to not recognize any revenue at all until the right of product return has passed.

Without the service package, the Nectarine retails for $250, and Peach sells the servicing package separately for $120 per year. 22 of revenue every time it sells the bundled Nectarine support package. 65 per month. APPLICABILITY OF THE EITF GUIDANCE With regard to the guidance in EITF 00-21, the consensus holds that when higher-level accounting literature offers guidance to parts of the MDA, the following rules apply: 1. Higher-level literature provides guidance regarding the determination of separate units of accounting and how to allocate arrangement consideration to those separate units of accounting, the arrangements or the deliverable(s) that is within the scope of that literature should be accounted for in accordance therewith, rather than the guidance in EITF 00-21.

The following entries would be required. The return privilege is, of course, assumed to be lost by the store when the books are sold to final customers. 12/1/07 Inventory on consignment 60,000 Inventory 60,000 To record shipment of 2,000 units to retail bookstores on consignment (2,000 units × $30 = $60,000) 12/31/07 Cash (600 units × $45 per unit) Sales To record cash receipts for December Cost of sales (600 units × $30 per unit) Inventory on consignment To record cost of goods sold for December 27,000 27,000 18,000 18,000 45 Chapter 3 / Revenue Recognition when Right of Return Exists 1/1/08 3/31/08 Cash Sales (1,200a units × $45 per unit) To record cash receipts 54,000 Cost of sales (1,200 units × $30 per unit) Inventory on consignment To record cost of goods sold on cash receipts 36,000 Inventory (160 units × $30 per unit) Inventory on consignment To record product returns 54,000 36,000 4,800 3/31/08 Accounts receivable (40 units × $45 per unit) 1,800 Sales To record expiration of return privilege on remaining units 4,800 1,800 b 1,200 Cost of sales (40 units × $30 per unit) Inventory on consignment 1,200 To record cost of goods sold on products for which return privilege expired a 1,800 units paid for – 600 units paid for in December b 2,000 units sold – 160 units returned – 1,800 units paid for DISCLOSURE OF THE RIGHT OF RETURN If there is considerable uncertainty regarding the amount of potential sales returns, such as may be caused by a new product, potential product obsolescence, or heightened competition, then a company may be forced to not recognize any revenue at all until the right of product return has passed.

Download PDF sample

Rated 4.70 of 5 – based on 29 votes