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... increase in a product would lead to revenue recognition in a model that focuses on the product being manufactured which is the inventory. The model ignores the possibility of another asset to have increased. Here, enhancement in the value of the product being manufactured would be the basis in which revenue will be recognized. Liabilities occur when the entity is under an obligation to deliver the product on a specific date. Where there is a decrease in liability leads to revenue recognition in a model that focuses on the settlement of such liabilities. The model ignores the increase in assets whether it has occurred.
Finance
/Financial Reporting
/THE PRINCIPLES FOR THE PURPOSE OF RECOGNIZING REVENUE
The revenue recognition requirements given in the generally accepted accounting principles are different from those in the international financial reporting standards.
Details
| language |  | english |
| wordcount |  | 2931 (cca 8 pages) |
| contextual quality |  | N/A |
| language level |  | N/A |
| price |  | free |
| sources |  | 4 |
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Preview of the essay: THE PRINCIPLES FOR THE PURPOSE OF RECOGNIZING REVENUE
THE PRINCIPLES FOR THE PURPOSE OF RECOGNIZING REVENUE The objective of this project was to clarify the principles for the purpose of recognizing revenue as well as creating a joint revenue recognition standard fir IFRS and US general accepted accounting principles that could be used by apply consistently in various industries and transactions. Through the development of a common standard that assists in the clarification of the revenue recognition revenue the board aims at; removing inconsistencies and weaknesses that are existing in the revenue recognition standards and practices. This would also help in providing a more robust framework that would address the issues of revenue recognition. The project would make it simple to prepare financial statements by reducing the number of standards that companies are required to refer when making their financial statements. It would improve the comparability of revenue among different companies as well ...... increase in a product would lead to revenue recognition in a model that focuses on the product being manufactured which is the inventory. The model ignores the possibility of another asset to have increased. Here, enhancement in the value of the product being manufactured would be the basis in which revenue will be recognized. Liabilities occur when the entity is under an obligation to deliver the product on a specific date. Where there is a decrease in liability leads to revenue recognition in a model that focuses on the settlement of such liabilities. The model ignores the increase in assets whether it has occurred.
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Finance
/Financial Reporting
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