Jim and Kay Stice – Running a Profitable Business: Revenue Recognition

Running a Profitable Business: Revenue Recognition

By: Jim Stice and Kay Stice

Duration: 1h 32m

Date: Oct 26, 2015

Description:

Revenue recognition determines when a sale should be recorded: This month or next month? This year or next year? This seems like an easy question until you consider situations in which a company sells a package of goods and services for one joint price, aka multi-element transactions.

But without recognizing revenue, a company can’t hope to report any profit. Accordingly, company management is typically under great pressure to recognize revenue as soon as possible. Want to understand these concepts better? Join professors Jim and Kay Stice as they introduce the theory, practice, and implications of revenue recognition. Together they demonstrate how this seemingly innocent accounting topic can turn a reported profit into a reported loss, sometimes with multibillion dollar implications for company values.

Topics include:

– Defining revenue recognition
– Timing revenue recognition
– Understanding multi-element transactions
– Valuing companies
– Reviewing the great revenue frauds and scandals of history

Contents:

Introduction

1. Controversy over Revenue Recognition

2. Timing of Revenue Recognition

3. Complication of Multiple Element Transactions

4. Controversial History of Revenue Recognition Accounting Standards

5. Revenue Recognition and Valuation of Start-Ups

6. Famous Frauds and Scandals

Conclusion

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