10_Recognition_%26_Measurement - 10 Recognition &...

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Click to edit Master subtitle style 6/5/11 Recognition & Measurement Concepts Accountancy 301 Measurement & Disclosure Professor Clifton Brown 10 September 27, 2010
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6/5/11 Income statement elements – FASB Reven ue Definition Recognition Inflows/enhancements of assets and/or settlements of liabilities from activities that constitute the entity's ongoing major or central operations Consideration of two factors: Being realized or realizable Being earned Attributes of the earnings process Revenues are from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or
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6/5/11 Income statement elements – IASB Arises in the course of the ordinary activities of an entity
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10_Recognition_%26_Measurement - 10 Recognition &...

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