Accounting and Auditing Revenue Recognition: Rules and Standards

Revenue Recognition: Rules and Standards

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  • Course Delivery: On Demand
  • Credit Hours: 2.5
  • Credit Type: Accounting

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Description

An ever-increasing number of financial restatements were filed during each of the period 2000-2006, reaching a record 1,801 in 2006. Interestingly, however, the number of financial restatements in the United States started to drop in 2007 for the first time since the passage of the SOX. By 2012, the number of restatements had fallen to 768. One of the most frequent causes of financial restatements is revenue recognition. This course covers the accounting, reporting, and disclosures associated with revenue recognition for the sale of products or rendering of services. Revenue involves a gross increase in assets or decrease in liabilities. Revenue may be recognized at the time of sale or service, during production, at the completion of production, and at the time of cash receipt. Long-term construction contracts may be accounted for under the percentage-of-completion method or the completed contract method. When a right of return exists, revenue may or may not be recognized, depending on the circumstances. The accounting treatment of warranty and maintenance contracts, contributions, and computer software is also discussed.

Objectives:
1. Identify some of the reasons for financial restatements.
2. Identify and apply the revenue recognition principles.
3. Recognize the principles for the collection method for revenue recognition.
4. Recognize how to apply the completed performance method for long-term contracts.
5. Identify when to apply the installment-sales and cost-recovery methods of accounting.
6. Apply AICPA SOP:97-2 to software revenue recognition.
7. Outline some differences between U.S. GAAP and IFRS.

Topics Covered:

  • Points of Controversy
  • Rules, Concepts and Illustrations
  • Long Term Construction Contracts
  • Government Contract Accounting
  • Vendor Consideration to Customer
  • Financial Restatements
  • Revenue Recognition Methods
  • Common Construction Contract Methods
  • Revenue Recognition when a Right of Return Exists
  • Government Contract Accounting

Delivery Method: Online Interactive Self-Study

Level: Intermediate

Prerequisites: Basic Accounting, Basic Finance, Basic Statistics

Category: Accounting and Auditing

Passing Score: 70%

NASBA: Yes QAS Self Study

Author: Delta Publishing

ABOUT THE SUBJECT MATTER EXPERT:
Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business books and has been a consultant to commercial and nonprofit organizations for over 30 years.

 

 

Course Objectives

1. Identify some of the reasons for financial restatements.
2. Identify and apply the revenue recognition principles.
3. Recognize the principles for the collection method for revenue recognition.
4. Recognize how to apply the completed performance method for long-term contracts.
5. Identify when to apply the installment-sales and cost-recovery methods of accounting.
6. Apply AICPA SOP:97-2 to software revenue recognition.
7. Outline some differences between U.S. GAAP and IFRS.

 

Topics Covered

  • Points of Controversy
  • Rules, Concepts and Illustrations
  • Long Term Construction Contracts
  • Government Contract Accounting
  • Vendor Consideration to Customer
  • Financial Restatements
  • Revenue Recognition Methods
  • Common Construction Contract Methods
  • Revenue Recognition when a Right of Return Exists
  • Government Contract Accounting
 

Regulatory Information

Revenue Recognition - Rules and Standards - National Association of State Boards of Accountancy (NASBA)

  • Name:
  • National Association of State Boards of Accountancy (NASBA)
  • Phone:
  • 615-880-4200
  • Fax:
  • 615-880-4290
  • Website URL:
  • http://nasba.org/
  • Email Address:
  • [email protected]
  • Address:
  • NASBA
  • City:
  • Nashville
  • State:
  • TN
  • Zip:
  • 37219-2417
 

Subject Matter Expert

Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business books and has been a consultant to commercial and nonprofit organizations for over 30 years.

 

Exams

Upon successful completion of your QAS Self Study CPA CPE course, your certificate of completion will be available in your profile.

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