Revenue and Expenses

Paper Summary:

This paper presents the different issues concerning the revenue and expense recognition, as identified by the Financial Accounting Standards Board in several documents over the past couple of years. The paper provides the theoretical base on which a discussion is developed around the type of revenue and expense, as related to a company's specific area of expertise. The paper explains and summarizes the findings for the company's president, with a series of conclusions thereafter.
Outline
Introduction
Revenue and Expense Recognition
Report to the Company's President
Conclusion

From the Paper:

"GAAP is a set of specific common guidelines, provided by the institutions such as the Financial Accounting Standards Board, the American Institute of Certified Public Accountants and the Securities and Exchange Commission, about "acceptable accounting practices" . These acceptable practices should not necessarily be regarded as a set of ground rules. In fact, it is a common denominator, useful when foreign firms, especially auditing companies, proceed to financial verifications. The GAAP provide for an easier task from the auditing companies and anybody else who interprets the financial statements."

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