Revenue Recognition Essay by premium papers

Revenue Recognition
This paper discusses problems of revenue recognition, the major single entity in financial statements.
# 63836 | 1,660 words | 5 sources | MLA | 2005 | US

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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

Cite this Essay:

APA Format

Revenue Recognition (2006, February 12) Retrieved June 16, 2019, from

MLA Format

"Revenue Recognition" 12 February 2006. Web. 16 June. 2019. <>