This paper discusses problems of revenue recognition, the major single entity in financial statements.
Written in 2005; 1,660 words; 5 sources; MLA; $ 53.95
Paper Summary:
This paper explains that, since no broad norms on revenue recognition exist, there is a considerable gap between the broad conceptual guidance in the Financial Accounting Standard Board - FASB Concepts Statements and the exhaustive guidance in the authoritative literature. The author points out that more than 50% of the frauds in financial reporting among the U.S. public companies involve overstating the revenue. The paper stresses that, because users in this modern era want instantaneous data in formats which permit rapid access and analysis to assist in the better decisions; companies require trustworthy on-line, real-time reporting that is characterized by (i) dependable systems (ii) usual methods of disseminating information. (iii) corporate accountability, inclusive of management integrity and concrete enterprise risk management and (iv) comprehensible disclosures and information.
Table of Contents
Current Issues and Actions Related to Revenue Recognition
Working Norms for Recognition of Revenues
Definition of Revenues
Problems Related to Revenue Recognition
My Thoughts and Opinions
Control Environment
Matters Needing Special Consideration
From the Paper:
"As regards the items which must be included or excluded from the description of revenues, a consensus was made that - (i) a reporting body must not recognize revenues for the performance by third parties of its responsibility to work or extend services to customers in case those responsibilities are officially assumed by those third parties. (ii) In case of all other situations, a reporting body must recognize revenues for the performance by third parties of its responsibility to do work. (iii) Production will result in effecting a component of wide-ranging income. (iv) Non-reciprocal transfers received must not be excluded from revenues and must not be shown as a distinct line item in the income statement. (v) A reporting body must at the introductory stages measure its obligations for performance guarantees at their fair values and must recognize revenues as a result of their satisfactory performance or completion of those guarantees."
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