Wiley Revenue Recognition: Rules and Scenarios / Edition 2

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Overview

Revenue is one of the most important figures to both preparers and users of financial statements-and is one of the most difficult to get right.

Now in a Second Edition, Wiley Revenue Recognition helps you confidently navigate and address the uncertainties in this intricate area of accounting. Accounting expert Steven Bragg provides not only a detailed view of the current accounting rules and regulations pertaining to revenue recognition, but also describes the exact sources of this information, how a company's treatment of revenue recognition is to be disclosed alongside the financial statements, and what policies, procedures, and controls can be used to enforce it in a consistent manner.

Filled with new examples and disclosures throughout, this invaluable guide features cutting-edge coverage of:

SEC Staff Accounting Bulletin 104, EITF 07-6, IAS 18, SIC 31, IFRIC 12, 13, and 15

The concepts of sale recognition when collection is uncertain

When the right of product return exists

The new GAAP Codification references

Expanded coverage of IFRS and SEC reporting issues

Complying with Sarbanes-Oxley by revealing key controls over revenue recognition

All aspects of revenue recognition, including control systems, supported by extensive examples

The most complex revenue recognition concepts

Descriptions of control points throughout the book

Revenue recognition for various industries, including franchising, construction, motion pictures, not-for-profits, real estate, recording and music, services, and software

Wiley Revenue Recognition is a thorough introduction to every aspect of revenue recognition-how to account for it, report it, and set up systems and controls to ensure that the rules are properly followed. With practicable, workable advice, this authoritative guide will assist you in consistently recognizing revenue in the correct amounts, at the right time, and in accordance with generally accepted accounting principles.

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Product Details

  • ISBN-13: 9780470619483
  • Publisher: Wiley
  • Publication date: 6/8/2010
  • Series: Wiley Regulatory Reporting Series , #1
  • Edition description: New Edition
  • Edition number: 2
  • Pages: 216
  • Sales rank: 922,121
  • Product dimensions: 7.40 (w) x 9.20 (h) x 0.60 (d)

Meet the Author

Steven M. Bragg, CPA, CMA, CIA, CPIM, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte & Touche. He received a master's degree in finance from Bentley College, an MBA from Babson College, and a bachelor's degree in Economics from the University of Maine. He has been the two-time president of the Colorado Mountain Club, is an avid alpine skier and mountain biker, and is a certified master diver. Mr. Bragg resides in Centennial, Colorado. He is also the author of Accounting Best Practices and Design and Maintenance of Accounting Manuals, both published by Wiley.
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Table of Contents

1 Revenue Recognition General Principles and Systems 1

2 Revenue Recognition Under International Financial Reporting Standards 39

3 Revenue Recognition When Collection Is Uncertain 63

4 Revenue Recognition When Right of Return Exists 75

5 Revenue Recognition for Multiple Deliverables 81

6 Revenue Recognition in Franchising 89

7 Revenue Recognition for Long-Term Construction Contracts 99

8 Revenue Recognition for Motion Pictures 123

9 Revenue Recognition for Not-for-Profits 131

10 Revenue Recognition on Real Estate Sales 135

11 Revenue Recognition for Recording and Music 165

12 Revenue Recognition for Services 167

13 Revenue Recognition for Software 183

14 Other Revenue Recognition Accounting Topics 191

Index 201

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