Accounting for the Recognition - Essay Example

The main aim of this memo is to show the result of the expenses and revenue recognition for Metropolitan environment service.... … The main aim of this memo is to show the result of the expenses and revenue recognition for Metropolitan environment service.... In the second scenario the contract is done in part and the Metropolitan is free to record the revenue as per the completion method of revenue recognition where one realized revenue over period of time....

hellip; International Accounting Standards: Revenue recognition in construction Industry Introduction The IASB and FASB have been working on producing a new standard on revenue recognition for several years now.... This paper seeks to discuss about the important aspects with regard to revenue recognition in accounting of the construction contracts for updating our clients with the developments in this front.... We have outlined the objective of revenue recognition and current practices adopted in the construction industry, the methods used by companies for revenue recognition, the process of development of the new standard, practical issues involved in developing a new standard for revenue recognition underlining its importance and the changes that are expected to be introduced for accounting under the new standard....

hellip; In subsequent recognition of tangible assets, IAS 16 has provided the option of fair value as on the date of such recognitions with riders that such option once adopted would continue till derecognition of the asset, in any way; and further that the option of revaluation, if adopted shall be applicable to the entire band of the asset.... For example testing fee paid to a laboratory for testing the quality of a part of the machinery is capital cost during initial recognition....

The essay “Subtle Issues in Revenue recognition” seeks to evaluate fraud detection and deterrence, which should be a required part of the accounting curriculum.... accounting education needs to teach future CPAs the skills to effectively meet the public's expectations in the area of fraud....

Nevertheless, market competitiveness that is more of accounting the intangibles is seemingly the Acer and key driver of most recent business underpinnings, though, to the experts and seasoned, it is the same age-old notion similar to the extensive value of a treasure that lies on its circumstances as out of sight or unavailability....

In the paper “Accounting recognition of Sales Revenue” the author analyzes cash sales and sale on credit basis.... The issues of accounting recognition of both types of these transactions have been discussed in this essay with due consideration of the GAAP available for such scenarios.... … The accounting treatments have been considered both from the point of view of US GAAP and IFRS (International Financial Reporting Standards) also known as IAS; and at every stage of the accounting recognition of such sales, the issues have also been considered from the practical approach adopted by a certain corporation....

 This essay considers the collaboration between the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) has recently produced a proposed standard towards changing the process of revenue recognition aimed at converging the US GAAP and IFRS.... The standards would eradicate discrepancies and drawbacks of the current practices of revenue recognition.... Through the proposed standard for revenue recognition, a stronger framework aimed at tackling the process of revenue recognition will be developed....

In the percentage of completion method, revenues are recognized as the project develops and costs are expensed as the project… The realization of revenue and recognition of cost are acknowledged on periodic basis (Bevilacqua, 1987).... The realization of revenue and recognition of cost are acknowledged on periodic basis (Bevilacqua, 1987).... The percentage of completion accounting method allows project managers to report income on the project as the works progresses and being done....