In the past, global accounting policies were industry specific, which created disjointed and fragmented revenue recognition standards that were challenging to implement. It made it difficult to fairly compare the performance and standing of companies across industries. Together, the FASB and IASB created...
Uncertain times | Are revenue estimates up to date? Estimates need to reflect the latest expectations Read more Uncertain times | How should companies account for insurance proceeds? The accounting depends on the nature and timing of the insured event ...
In the past, global accounting policies were industry specific, which created disjointed and fragmented revenue recognition standards that were challenging to implement. It made it difficult to fairly compare the performance and standing of companies across industries. Together, the FASB and IASB created...
loss, matching, net assets(净资产=财富=所有者权益), period expenses(期间费用), recognition(确认), retained earnings(留存收益), revenues, temporary accounts/nominal accounts(虚账户、暂时性账户:临时性账户包括所有的利润表账户、所有
Revenue-recognition requirements in US GAAP differ from those in International Financial Reporting Standards (IFRSs) and both are considered in need of improvement. A major cause of complexity appears to be the overabundance of FASB revenue-recognition rules in comparison with the IASB standards. Many...
Upfront Insurance Premium Payments Is Deferred Revenue a Liability? Following the standards established by U.S. GAAP, deferred revenue is treated as aliabilityon the balance sheet, since the revenue recognition requirements are incomplete. Typically, deferred revenue is listed as a current liability ...
For most of the companies, the earning process of revenue is very long8.1.2 The Earning Process of Revenue Recognition When Goods or Services Are DeliveredRecognition Prior to Delivery Recognition After DeliveryRecognition by Percentage-of-Completion 8.1.3 Recognition of Revenue 8.2.1 Definition of ...
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Insurance contracts 14 Dec 2012 The Board discussed and decided on the residual margin measurement of insurance contracts and the impairment of reinsurance contracts in the financial statements. Revenue recognition (IASB/FASB) 19 Nov 2012 The Boards discussed the analysis provided by the staff...
When evaluating purported revenue transactions, the substance of the transactions must always be considered, and not merely their form. It has become increasingly commonplace to paper over transactions in ways that can create the basis for inappropriate revenue recognition. For example, transactions that...