Class 4 Revenue Recognition.pdf

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Financial Accounting
Daga Sandra

MGAC01 Intermediate Accounting I S Daga TOPIC REVENUE RECOGNITION TEXTE61 P63 P66 Case CA61 LEARNING GOALS 1 Understand the Basic Concepts of Revenue Recognition including RCMP 2 The Earnings Approachconsider how it is different depending on type of business 3 Be able to be proficient in applying specific revenue recognition methodsCLASS OUTLINE LEARNING GOAL 1 Understand the Basic Concepts of Revenue Recognition including RCMPDeciding which period to RECOGNIZE revenue requires JUDGEMENTfor particular situations even though specific criteria for revenue recognition existsA Decision Framework to be used to decide in a business situation ifrevenue and be recognized RRisks and Rewardshave the risks and rewards of ownershipof the productservice passed on to the new ownerC Is Collectability from the customer assured in this situationMIs Measurement of revenue determinableDo we know how muchPHas Performance has been achieved ie have we done enough of the work to earn the revenue E61
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