revenue recognition
Description
here’s the outline of the point that I need to do.
1- Concept
a.Definition
b.Core principle
c.Realization concept
a.Explain what it states
3- .Model
the 5 steps
i.Identify the contract with the customer
This step outlines the criteria that must be met when establishing a contract with a customer to supply goods or services
ii.Identify the separate performance obligations in the contract
This step describes how distinct performance obligations in the contract must be handled
iii.Determine the transaction price
This step outlines what must be considered when establishing the transaction price, which is the amount the business expects to receive for transferring the goods and services to the customer
iv.Allocate the transaction price to the separate performance obligations
This step outlines guidelines for allocating the transaction price across the contractænbsp;separate performance obligations, and is what the customer agrees to pay for the goods and services
v.Recognize revenue when or as the entity satisfies each performance obligation
Revenue can be recognized as the business meets each performance obligation. This step specifies how that should happen
Unformatted Attachment Preview
1. Financial Reporting Brief: Roadmap to Understanding the New Revenue Recognition
Standards
2. Revenue from Contracts with Customers-Navigating the guidance in ASC 606 and ASC
340-40
2.
New Revenue Recognition: What manufacturers need to know about ASC 606
3.
TREASURER’S DIRECTIONS ACCOUNTING SSETS Section A2.11 : Construction
(Work in Progress)
4.
Revenue accounting: IFRS tandards vs US GAAP
5.
Revenue Recognition: The Ultimate Guide | NetSuite
6.
An Introduction to Corporate Accounting Standards: Detecting Paton’s and Littleton’s
Influences
7.
A Brief History of Revenue Recognition in the Software Industry | Bi101 | Project
Management Resources for Business and Enterprises
8.
ASC 606: Challenges in understanding and applying revenue recognition
9.
Revenue Recognition Accounting: Understanding The Impact Of Asc 606
10.
https://meridian.allenpress.com/iae/article-abstract/26/3/609/73195/A-Series-ofRevenue-Recognition-Research-Cases
11.
Revenue Recognition under IFRS 15: A Critical Evaluation of Predefined Purposes and
Implications for Improvement – Research Repository
12.
New Approaches to Revenue Recognition and Common Sense
13.
Accounting for Costs and Expenses: Problems of Theory and Practice | SpringerLink
14.
Reviews on Accounting of Revenues Associated to the Production Cost of the Work in
Progress
15.
Revenue from Contracts with Customers-Navigating the guidance in ASC 606 and ASC
340-40
16.
What is ASC 606? – FinancialForce
1. A qualitative exploration into the speculative perspectives of CPAs concerning the new
rule on revenue recognition
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