5 Steps of Revenue Recognition (US GAAP)

We are back again with a class for Revenue Recognition from the FAR subject in US CPA. In this part, our Chief Mentor, Rohan Chopra, is going to make you understand the 5 steps to recognise revenue. Although, the most commonly known revenue standard is ‘Earned + Realisable’ i.e. revenue is to be recognized when it is earned and realisable. The U.S. GAAP specifies a comprehensive 5-step framework which leaves no room for one to interpret what is ‘earned’ and what could be realizable?

You may say why did the standards change? Well! Mainly because of the surge of scams across corporate America. Most scams across the world, even the largest ones are mainly scams in revenue recognition. This is the most common type of fraud. So, the world had to adapt and USA solved the revenue overstatement problem using this class leading framework.

Eventually, this framework was accepted and adopted in the updated IND AS and IFRS as well.

The fun thing about this class is that it’s not just going to give you the revenue recognition standards, but also in way, it will show you the art of making a deal! By that we mean, the possible tools available to you, to use when negotiating a deal.

For more such classes and to know how we teach, you can definitely join our #SaturdayLive Webinar here https://us06web.zoom.us/webinar/regis... and get to meet Mr. Rohan Chopra! Let's make learning fun and easy with EduMont!

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