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October 2013 » The Next Step for Revenue Recognition
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Jefferson P. Jones, PhD, CPA (inactive), and Donald Pagach, PhD, CPA
Revenue is a key performance metric used by investors and other stakeholders in assessing a company's performance and future prospects. Consequently, the accounting for revenue presents one of the most important challenges that companies face, and it continues to be a major area of auditing risk. Although the revenue recognition literature in the United States—except for industry-specific guidance—is codified under a single topic (Accounting Standards Codification [ASC] Topic 605, “Revenue Recognition”), it is based upon more than 100 different standards and is considered to be quite complex. In addition to broad revenue recognition concepts, much industry- or transaction-specific guidance can result in different accounting for economically similar transactions.
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