Week_9_Revenue_audio_1 narrated

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Presentation Description

Part 1 of 3 related to the revenue transaction cycle. Be sure to listen to parts 2 and 3 also.

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Presentation Transcript

Chapter 07 :

Chapter 07 Revenue and Collection Cycle “ What at first was plunder assumed the softer name of revenue. ” Thomas Paine 7- 1

Overall Audit Approach:

Overall Audit Approach 7- 2

Inherent Risks:

Inherent Risks Improper Revenue Recognition Cut-off Bill and Hold Channel Stuffing Returns and Allowances Collectibility of Receivables 7- 3

Revenue Recognition:

Revenue Recognition Must be (1) realized or realizable and (2) earned SEC guidance (SAB 104) Persuasive evidence of an arrangement exists, Delivery has occurred or services have been rendered, The seller's price to the buyer is fixed or determinable, and Collectibility is reasonably assured 7- 4

Apple excerpt:

Apple excerpt

FASB Proposed Guidance:

FASB Proposed Guidance

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