Sales people are creative and for all the many ways they can sell the product and services there is an equal number of interpretations on how to recognize the revenue. Revenue recognition is not black and white and requires a lot of interpretation. Our blog entry covers the very basics so use this policy to understand one of the most debated issues in accounting.
Simply edit the policy and customize the appropriate sections to prepare a revenue recognition policy for your company!
Download this policy for only $19.99 CAD
Features include:
- user-friendly, step-by-step instructions
- policy overview with reference to accounting provisions for Canadian and US GAAP
- detailed explanations of revenue recognition criteria
- overview of revenue arrangements including multiple elements
- easy-to-understand definition of Vendor Specific Objective Evidence (VSOE) with a detailed explanation of how to establish fair value
- overview of how and when to recognize product revenue, services revenue, including hosting and subscription revenue
- detailed explanation of concessions and how they affect revenue recognition rules
- sample audit checklist to ensure that each material contract is documented correctly
Current version released October 1, 2008
Requires Adobe Reader. Designed for use with any word processor, including Microsoft Word, Google Docs and OpenOffice Writer
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