RRIH
REVENUE RECOGNITION IS HOT…
DON’T GET BURNED!
BASICS OF REVENUE RECOGNITION
Proper revenue recognition is one of the most critical issues facing today’s accountants and auditors. Improper reporting can result in negative publicity as well as civil and criminal penalties for both management and the entity. This course reviews both GAAP and SEC requirements for revenue recognition. Case studies using actual companies are used to illustrate the problems and pitfalls companies have encountered as well as accountants’ ethical responsibilities.
Major topics include:
- Implications of improper revenue recognition: COSO and SOX 704 studies
- Learning from companies with revenue recognition problems: Peregrine Systems, Inc.; Gateway, Inc.; Interspeed, Inc.; Administaff Inc.; Cyclink Corporation; Sunbeam Corporation; Sensormatic Electronics Corporation; International Research and Development Corporation; Healthsouth Corporation
- Applicability of professional ethical codes to accountants in public accounting and industry: professionalism; decision framework for ethics issues, AICPA Code of Conduct; IMA Code of Conduct; ethics practice case
- GAAP for revenue recognition: sources of GAAP for revenue recognition; FASB conceptual framework; SEC revenue recognition criteria; AICPA SOP 97-2; revenue recognition disclosure requirements and example disclosures
Level of knowledge: Basic
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