Wiley Revenue Recognition: Rules and Scenarios

Chapter One

OVERVIEW OF REVENUE RECOGNITION

The principles guiding recognition of revenues for financial reporting purposes are central to generally accepted accounting principles (GAAP) and in most instances are unambiguous and straightforward. In fact, the underlying principles have not changed in decades. However, as business transactions have become more complicated over time, GAAP has been expanded in a piecemeal fashion by different standard-setting entities to include detailed rules for certain types of revenue recognition issues. There are now more than 140 pieces of authoritative literature dealing with various aspects of revenue recognition. This book summarizes these issues by topic and industry, covering such industries as motion pictures, software de ... read full excerpt from Wiley Revenue Recognition: Rules and Scenarios ebook