Wiley Revenue Recognition: Rules and Scenarios / Edition 2 available in Paperback
Now fully revised and updated—the most practical, authoritative guide to every aspect of revenue recognition
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.
About the Author
STEVEN M. BRAGG, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte. He is the author of over thirty books primarily targeted toward controllers and their needs. 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.
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