TAILIEUCHUNG - Lecture Intermediate accounting (16th edition): Chapter 18 - Kieso, Weygandt, Warfield

Chapter 18 - Revenue recognition. After completing this chapter you should be able to: Apply the revenue recognition principle, describe accounting issues for revenue recognition at point of sale, apply the percentage-of-completion method for long-term contracts, apply the completed-contract method for long-term contracts. | PREVIEW OF CHAPTER 18 Intermediate Accounting 16th Edition Kieso ● Weygandt ● Warfield Understand the fundamental concepts related to revenue recognition and measurement. Understand and apply the five-step revenue recognition process. LEARNING OBJECTIVES Apply the five-step process to major revenue recognition issues. Describe presentation and disclosure regarding revenue. After studying this chapter, you should be able to: Revenue Recognition 18 LO 1 FUNDAMENTALS OF REVENUE RECOGNITION Recently, the FASB and IASB issued a converged standard on revenue recognition entitled Revenue from Contracts with Customers. To address the inconsistencies and weaknesses of the previous approaches, a comprehensive revenue recognition standard now applies to a wide range of transactions and industries. LO 1 LO 1 New Revenue Recognition Standard Revenue from Contracts with Customers adopts an asset-liability approach. Companies: Account for revenue based on the asset or liability arising from contracts with customers. Are required to analyze contracts with customers Contracts indicate terms and measurement of consideration. Without contracts, companies cannot know whether promises will be met. LO 1 New Revenue Recognition Standard ILLUSTRATION 18-1 Key Concepts of Revenue Recognition Performance Obligation is Satisfied LO 1 The Five-Step Process—Boeing Example A contract is an agreement between two parties that creates enforceable rights or obligations. In this case, Boeing has signed a contract to deliver airplanes to Delta. Assume that Boeing Corporation signs a contract to sell airplanes to Delta Air Lines for $100 million. Boeing has only one performance obligation—to deliver airplanes to Delta. If Boeing also agreed to maintain the planes, a separate performance obligation is recorded for this promise. Step 2: Identify the separate performance obligations in the contract. ILLUSTRATION 18-2 Five Steps of Revenue Recognition Step 1: Identify the contract with customers. LO 1 The

• Kế toán - Kiểm toán
• Revenue recognition
• Long term contracts
• Percentage of completion method
• Long term contract losses
• Intermediate accounting
• Lecture Intermediate accounting
• The revenue recognition principle
• Describe accounting issues
• Financial accounting
• Issues in financial accounting
• Kế toán tài chính
• Financial statements
• Realization principle
• Completed contract method
• Financial reporting
• Sales transactions
• Consignment sales
• Current environment
• At point of sale
• The revenue receivables cash cycle
• The income statement
• The accounting cycle
• Accounting principles
• Lecture Accounting principles
• Adjusting the accounts
• Expense recognition
• Survey of Accounting
• Lecture Survey of Accounting
• Accrual accounting
• Soil Bacteria
• Support and Protect
• Anticholinergics
• Glucocorticotherapy
• Leukotriene Antagonists
• Omalizumab and Specific Allergen
• Financial information
• Financial statement analysis
• Income determination
• Revenue recognition recap
• Long term construction contracts
• Dilutive securities
• Earnings per share
• Postretirement benefits
• Intangible assets
• Statement of cash flows
• Uncovering creative accounting
• Creative accounting
• An inexact science
• Roles and responsibilities
• The ascertainment of cost
• Accounting for leases
• Accounting for income taxes
• international financial reporting standards
• International financial reporting
• Employee benefits
• Including construction contracts
• government grants
• Foreign currency
• Making business decision
• Business decision tool
• Lecture Accounting
• Lecture Financial accounting
• Business decision
• Treatment rheumatology
• Earnings management
• Noncurrency operating assets