CHECK THESE SAMPLES OF Revenue Recognition and Contingent Liabilities
This IFRS requires that all contingent liabilities be recognized at fair value if such fair values are reasonably measurable.... IFRSs, in revenue recognition have general principles that guide as to whether or not revenue is recognizable.... Under US GAAP, on the guidance of revenue recognition, there is a more particular guidance in the determination of whether there should be recognition of a given revenue type.... US GAAP, under the same scenario, requires more details which may lead to further share-based arrangements being put under the classification of liabilities....
4 Pages
(1000 words)
Essay
Contingent assets and contingent liabilities are not recognized but disclosed in the financial statement of the company.... contingent liability is the present obligation in respect of past event the settlement requiring outflows of resources.... Similarly, contingent asset also arises due to past events which are expected as an inflow of economic resources to the entity.... Contents Overview of the relevant international accounting standard (IASB), recognition, measurement, presentation and disclosure details, comparison with the US GAAP 7, example from annual report, discussion, overview of the relevant international accounting standard (IASB), provision can be defined as a liability of uncertain timing or amount....
9 Pages
(2250 words)
Assignment
Notably, improper revenue recognition, failure to record incurred liabilities, and failure to disclose contingent liabilities are the most dominant financial statement frauds (Bradford 1).... The aim of the paper 'Financial Statement Fraud and revenue recognition Fraud' is to discuss financial fraud, which is a crime under civil law and involves complex financial transactions conducted by white-collar business professionals with a criminal intention.... As such, internal and external auditors should understand the dynamics of revenue recognition fraud and institute proper measures to curb financial fraud....
4 Pages
(1000 words)
Essay
The accounting standards and related pronouncements are issued and revised from time This report aims at discussing the accounting principles related to cost, revenue recognition and matching principles which are presented under GAAP (Epstein, Nach, & Bragg, 2009).... In other words, cost recognition and reporting on fair market value is not allowed for majority of assets and liabilities under US GAAP.... As far as revenue recognition under U....
6 Pages
(1500 words)
Essay
In the book, he spoke of debit and credit as well as of liabilities and assets.... Firstly, assets were carried forward in financial statements at original cost and difference between revenue payments and receipts was shown in profit and loss account.... Prior achieving a clear understanding and meaningful insight in the historical development of financial accounting theory, it is important to understand the need of financial accounting in the business world....
13 Pages
(3250 words)
Research Paper
In addition, the IFRS has also provided a standard definition and guides in recognition of various elements of the financial statements such as revenue recognition, definition of different assets and liabilities (ZüLch & Hendler 2011, pp.... The company faces issues about compliance with different accounting policies....
7 Pages
(1750 words)
Coursework
Both contingent assets and contingent liabilities are not recognized but disclosed in the financial statement of the company.... Whereas contingent liability, as per IAS 37, is the present obligation in respect of past event the settlement requiring outflows of resources.... Similarly, contingent asset also arises due to past events which.... Whereas contingent liability, as per IAS 37, is the present obligation in respect of past event the settlement requiring outflows of resources....
8 Pages
(2000 words)
Essay
The standard sets out the requirements for the recognition of revenues from contracts with customers.... The standard sets out the requirements for the recognition of revenues from contracts with customers.... The core principle of IFRS 15 is the five-step model that is used in recognition of revenues from contracts with customers.... revenue refers to income arising from the ordinary activities of the entity....
11 Pages
(2750 words)
Essay