15_Revenue_Recognition_1 - Revenue Recognition 1...

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6/5/11 Revenue-generating process risks Buyer Seller Procurement Utilization Addition al  transactio n costs Realizati on Future  commitm ent Ownershi p Revenue Recognition – 1 October 18, 2010
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Revenue – Conceptual definition FASB SFAC 6 IASB Conceptual Framework Inflows [or other enhance- ments] of assets … or settle- ments of … liabilities … from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations. Increases in economic benefits … in the form of inflows or enhancements of assets or de- creases of liabilities that result in increases in equity, other than those relating to contributions from equity participants
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6/5/11 Revenue – Accounting standards FASB Codification Recognition of revenue involves consideration of two factors: Realized or realizable Earned SEC Staff Accounting Bulletin (SAB) Revenue generally is realized/realizable and earned when:
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15_Revenue_Recognition_1 - Revenue Recognition 1...

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