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Revenue recognition : goods and services
Finance & Accounting
Pages 4 (1004 words)
Accounting practices under US Generally Accepted Accounting Principles (GAAP) present a collection of certain procedures, rules and conventions that are generally used for defining appropriate and accepted practices of accounting.
The study will comprise the major points of differences in relation to revenue recognition that will be identified under both the accounting practices (i.e. GAAP and IFRS). Analyzing these aspects, the study will ascertain the grounds on which the accounting treatment of the identified issue, i.e. revenue recognition will be different if US GAAP is replaced with the principles of IFRS. Correspondingly, the potential impacts to be caused on the US companies following such changes will also be assessed in this study. Current Scenario of Accounting Revenue Recognition under US GAAP In simple words, under the US GAAP guidelines, the transactions or the specific conditions which contribute to the realization of income is revenue constitute within the guidelines for revenue recognition. Under this particular guideline, revenues can only be recognized if they are measurable or have occurred after a specific event. However, the guidance that is provided by GAAP for revenue recognition is very extensive in US. ...
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