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October 2008 » SOX Section 404 Material Weaknesses...
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Dana R. Hermanson, PhD, and Daniel M. Ivancevich, PhD, and Susan H. Ivancevich, PhD
Previous research on restatements and financial statement fraud reveals that revenue recognition is perhaps the single greatest problem area in U.S. financial reporting. In response to a proliferation of revenue recognition problems in the late 1990s, the SEC offered additional guidance to companies on how to properly recognize revenue by issuing Staff Accounting Bulletin 101, Revenue Recognition in Financial Statements, in 1999 (revised in SAB 104 in 2003). The Sarbanes-Oxley Act of 2002 (SOX) focused more attention on revenue-related internal controls.
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