The Financial Accounting Standards Board released a paper on how to apply its revenue recognition standard to construction ...

Under an accrual accounting system, the recognition of revenue is independent from when the cash is received. If cash or check is received at the time of providing the goods/services, then the revenue ...

News and in-depth features about tax, accounting, auditing, and other business topics. Published by the American Institute of ...

Under accrual accounting, companies recognize revenue when delivering goods or complete services, not receiving payments. This practice aligns directly with the revenue recognition principle—a ...

This is “netting revenue against expense” and is a violation of GAAP. The Revenue Definition and Recognition section of OUC's Accounting Handbook provides guidance on revenue accounting for CU. The ...