“The President and CEO of FEI, Colleen Cunningham, ranks revenue recognition in the top 3 financial reporting issues faced by accountants today. In 2006, a survey was conducted in the Financial Accounting Standards Advisory Council and the FASB. Majority of the members in both organizations felt that finding the solutions to the issues regarding revenue recognition should be FASB’s top priority. (Graziano 2005).” In this paper some of the challenges and issues concerning revenue recognition and the procedures set in place by various accounting organizations, including FASB will be discussed.
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...the most troublesome financial reporting topics, winning votes of many accounting professionals as being the number 1 issue to be dealt with by the FASB. Though many alternative solutions are being suggested, only time will tell how effectively the FASB is able to eliminate the problems.
1. Graziano, Cheryl de Mesa. "Revenue Recognition: A Perennial Problem." Financial Executive Magazine (2005)
2. Tiller, Mikel G., Jan R. Williams, and "Revenue Recognition Under New FASB Statements." The CPA Journal 52(1982)
3. Clark, Ronald L.. "Revenue - Recognition Decisions: A Slippery Slope?." The CPA Journal (2006)
4. Kieso, Donald E., and Jerry J. Weygandt . Intermediate Accounting. 11th. Wiley, 2004
5. FASB Statement of Standard No. 48
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