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Course 171020 - Revenue Recognition: Rules and Standards
  Course Description
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This Course is based on the electronic .pdf file(s) Revenue Recognition: Rules and Standards
by: Dr. Jae K. Shim, Ph.D.   (2014 )
Field of Study: Accounting
CPE Credit: 4 Hours
Level: Intermediate
Prereqs: Basic Accounting, Basic Finance, Basic Statistics
State Exceptions: None
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Exam Only $50.00

There is no book for this course. The course is based on an electronic .pdf file which you can download now.
*Courses must be completed for CPE credit within one year of the date of

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Electronic Downloads:
Revenue Recognition: Rules and Standards
by: Dr. Jae K. Shim, Ph.D., 2014, 33 pages
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Course Description:
A record number of companies are revising their financials in 2007. The most frequent cause of financial restatements was revenue recognition, which accounted for over 20 percent of all restatements in 2007 and 20 percent during the past five years. This course covers the accounting, reporting, and disclosures associated with revenue recognition for the sale of products or rendering of services. Revenue involves a gross increase in assets or decrease in liabilities. Revenue may be recognized at the time of sale or service, during production, at the completion of production, and at the time of cash receipt. Long-term construction contracts may be accounted for under the percentage-of-completion method or the completed contract method. When a right of return exists, revenue may or may not be recognized, depending on the circumstances. The accounting treatment of warranty and maintenance contracts, contributions, and computer software is also discussed

Course Topics:
Points of Controversy Financial Restatements
Rules, Concepts and Illustrations Revenue Recognition Methods
Long Term Construction Contracts Common Construction Contract Methods
Government Contract Accounting Revenue Recognition when a Right of Return Exists
Vendor Consideration to Customer Government Contract Accounting
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