Revenue Recognition

Revenue Recognition

You are a CPA researching and making recommendations to your client regarding revenue recognition methods. Choose a specific client, (e.g., manufacturer, retailer, restaurant, etc.) for this assignment.
1. Evaluate the risks of moving from rules-based accounting standards process to principles-based process related to revenue recognition.

2. The principles for revenue recognition will impact some industries more than others. Evaluate the industries most likely to be impacted by the converged accounting guidelines in this area and suggest how these changes should be communicated to shareholders.

3. Assess whether or not the convergence solution is preferred over the pure IRFS principle. Support your position.

4. Assess the impact to a company’s profitability when adopting the new accounting rule and how shareholders are likely to react to the change.

5. Use at least three (4) quality academic resources in this assignment. These references must be verifiable by the instructor. Wikipedia and similar websites are not to be used. Note that references must be from a quality academic resource or scholarly journals.

 
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