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Intermediate Accounting 16 Recognizing Revenue.doc


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Intermediate Accounting 16 Recognizing Revenue.doc
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Intermediate Accounting 16 Recognizing Revenue
Recognizing Revenue
Chapter
16
Learning Objectives
Apply the revenue recognition principle3>.
Describe accounting issues for revenue recognition at point of sale.
Apply the percentage-pletion method for long-term contracts.
Apply pleted-contract method for long-term contracts.
Identify the proper accounting for losses on long-term contracts.
Describe the installment-sales method of accounting.
Explain the cost-recovery method of accounting.
Revenue Recognition
Current Environment
Guidelines for revenue recognition
Departures from sale basis
Revenue Recognition at the Point of Sale
Revenue Recognition before Delivery
Revenue Recognition after Delivery
Sales with buyback agreements
Sales when right of return exists
Trade loading and channel stuffing
Installment-sales method
Cost-recovery method
Deposit method
Summary of bases
Concluding remarks
Percentage-pletion method
Completed-contract method
Long-term contract losses
Disclosures
Completion-of-production basis
The Current Environment
One study noted restatements of revenue:
Result in larger drops in market capitalization than other types of restatement.
Caused eight of the top ten market value losses in a recent year.
Revenue recognition has been the largest source of pany restatements over the past decade.
The Current Environment
The revenue recognition principle provides panies should recognize revenue
Guidelines for Revenue Recognition
LO 1 Apply the revenue recognition principle.
when it is realized or realizable and
when it is earned.
The Current Environment
Sale of product from inventory
Type of Transaction
Rendering a service
Permitting use of an asset
Sale of asset other than inventory
Date of sale (date of delivery)
Services performed and billable
As time passes or assets are used
Date of sale or trade-in
Gain or loss on disposition
Revenue from interest, rents, and royalties
Revenue from fees or services
Revenue from sales
Description of Revenue
Timing of Revenue Recognition
Chapter 18
Chapter 18
LO 1 Apply the revenue recognition principle.
Illustration 18-1
Revenue Recognition Classified by Type of Transaction
The Current Environment
Earlier recognition is appropriate if there is a high degree of certainty about the amount of revenue earned.
Delayed recognition is appropriate if the
degree of uncertainty concerning the amount of revenue or costs is sufficiently high or
sale does not represent pletion of the earnings process.
Departures from the Sale Basis
LO 1 Apply the revenue recognition principle.
The Current Environment
Departures from the Sale Basis
LO 1 Apply the revenue recognition principle.
Illustration 18-2
Revenue Recognition at Point of Sale (Delivery)
FASB’s Concepts Statement No. 5, companies usually meet the two conditions for recognizing revenue by the time they deliver products 内容来自淘豆网www.taodocs.com转载请标明出处.
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