Published by Wolters Kluwer,
Revenue Recognition Guide (2021) is a comprehensive reference manual covering key concepts and issues that arise when determining when and how to recognize revenue. It covers the new authoritative literature related to revenue recognition that many companies must adopt beginning in late 2020. This book also clarifies revenue recognition concepts and principles, as well as explains the framework and principles underlying the new revenue recognition guidance.
Revenue Recognition Guide (2021) is ideal for CPAs and tax professionals who need a handy desktop resource to avoid the common implementation issues which have arisen as companies, auditors, regulators, and others have worked to understand and prepare to implement the new revenue recognition standards.
Features of Using Revenue Recognition Guide (2021)
With Revenue Recognition Guide (2021), you will have instant access to the latest accounting guidance and principles. The book contains many examples and excerpts from public filings that highlight the application and principles of the new revenue recognition standards. It also contains several illustrations highlighting key points of the new guidance, as well as issues to look out for when engaging in certain types of revenue transactions.
The guide incorporates changes in accounting literature and interpretive developments through April 2020. The following topics are discussed in detail:
- Objectives and core principles of the new revenue recognition standards
- The five-step model that frames the guidance on determining the amount of revenue and timing of revenue recognition
- Each of the five steps in the model, including implementation guidance in the standard
- Certain additional matters, including common contract terms such as warranties, rights of return, repurchase provisions, and options for additional goods and services
- Costs of revenue transactions
- Matters of the presentation of revenue transactions in balance sheets and income statements
- Whether to recognize transactions on a gross or net basis
- How the model applies to common issues faced in the delivery of products, services, and intellectual property to customers
- How the five steps apply to common transactions is intended to both provide practical guidance and reinforce the understanding of the principles of the standard
- Disclosures required by the new literature that go far beyond the disclosure requirements that currently exist
- Revenue disclosures required in SEC filings in areas other than the financial statements
- Transitioning to the new standard
Benefits of Revenue Recognition Guide (2021)
Authored by Scott A. Taub, CPA, Revenue Recognition Guide (2021) is available in softcover format and features 600 pages filled with discussions, references, examples, and public filings, all of which demonstrate traditional revenue recognition practices and highlight new revenue recognition practices. The book is organized logically and concisely, covering all aspects of revenue recognition that a CPA or financial professional needs to know.
Order Revenue Recognition Guide (2021) Today
Revenue Recognition Guide (2021) is a suitable desktop reference for CPAs, tax professionals, auditors, financial planners, and more. Order your copy today.
