Wiley Revenue Recognition: Rules and Scenarios [Paperback]

Steven M. Bragg (Author)

Book Description

ISBN-10: 0471788120 | ISBN-13: 978-0471788126 | Publication Date: April 20, 2007 | Edition: 1

The most practical, authoritative guide to every aspect of revenue recognition-including Sarbanes-Oxley

Revenue recognition is one of the most important-and one of the most difficult-figures for both preparers and users of financial statements. Wiley Revenue Recognition helps you confidently navigate and address the uncertainties in this intricate area of accounting. Accounting expert Steven Bragg provides not only a detailed view of the current accounting rules and regulations pertaining to revenue recognition, but also describes the exact sources of this information, how a company's treatment of revenue recognition is to be disclosed alongside the financial statements, and what policies, procedures, and controls can be used to enforce it in a consistent manner.

Addressing revenue recognition from every angle with extensive supporting examples, this invaluable guide:
*

Shows how to comply with Sarbanes-Oxley by revealing key controls over revenue recognition
*

Applies revenue recognition concepts to multiple examples on every topic
*

Explores all aspects of revenue recognition, including control systems, supported by extensive examples
*

Illustrates the most complex revenue recognition concepts for easier reader comprehension
*

Provides descriptions of control points throughout the book
*

Addresses revenue recognition for various industries, including franchising, construction, motion pictures, not-for-profits, real estate, recording and music, services, and software

Because revenue recognition rules vary both by type of transaction as well as by industry, the chapters of Wiley Revenue Recognition are clustered into transaction-related revenue recognition rules, and then into industry-related revenue recognition rules. In addition, there is coverage of:
*

Long-term construction contracts
*

Service revenues
*

Real estate sales
*

Revenue recognition from franchising operations
*

Examples of revenue disclosures

Wiley Revenue Recognition is a thorough introduction to every aspect of revenue recognition-how to account for it, report it, and set up systems and controls to ensure that the rules are properly followed. With practicable, workable advice, this authoritative guide will assist you in consistently recognizing revenue in the correct amounts, at the right time, and in accordance with generally accepted accounting principles.

Editorial Reviews

From the Back Cover

The most practical, authoritative guide to every aspect of revenue recognition—including Sarbanes-Oxley

Revenue recognition is one of the most important—and one of the most difficult—figures for both preparers and users of financial statements. Wiley Revenue Recognition helps you confidently navigate and address the uncertainties in this intricate area of accounting. Accounting expert Steven Bragg provides not only a detailed view of the current accounting rules and regulations pertaining to revenue recognition, but also describes the exact sources of this information, how a company's treatment of revenue recognition is to be disclosed alongside the financial statements, and what policies, procedures, and controls can be used to enforce it in a consistent manner.

Addressing revenue recognition from every angle with extensive supporting examples, this invaluable guide:

• Shows how to comply with Sarbanes-Oxley by revealing key controls over revenue recognition

• Applies revenue recognition concepts to multiple examples on every topic

• Explores all aspects of revenue recognition, including control systems, supported by extensive examples

• Illustrates the most complex revenue recognition concepts for easier reader comprehension

• Provides descriptions of control points throughout the book

• Addresses revenue recognition for various industries, including franchising, construction, motion pictures, not-for-profits, real estate, recording and music, services, and software

Because revenue recognition rules vary both by type of transaction as well as by industry, the chapters of Wiley Revenue Recognition are clustered into transaction-related revenue recognition rules, and then into industry-related revenue recognition rules. In addition, there is coverage of:

• Long-term construction contracts

• Service revenues

• Real estate sales

• Revenue recognition from franchising operations

• Examples of revenue disclosures

Wiley Revenue Recognition is a thorough introduction to every aspect of revenue recognition—how to account for it, report it, and set up systems and controls to ensure that the rules are properly followed. With practicable, workable advice, this authoritative guide will assist you in consistently recognizing revenue in the correct amounts, at the right time, and in accordance with generally accepted accounting principles.

About the Author

Steven M. Bragg, CPA, CMA, CIA, CPIM, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and auditor at Deloitte & Touche. He received a master's degree in finance from Bentley College, an MBA from Babson College, and a bachelor's degree in Economics from the University of Maine. He has been the two-time president of the Colorado Mountain Club, is an avid alpine skier and mountain biker, and is a certified master diver. Mr. Bragg resides in Centennial, Colorado. He is also the author of Accounting Best Practices and Design and Maintenance of Accounting Manuals, both published by Wiley.

Product Details

• Paperback: 192 pages
• Publisher: Wiley; 1 edition (April 20, 2007)
• Language: English
• ISBN-10: 0471788120
• ISBN-13: 978-0471788126
• Product Dimensions: 9.1 x 7.5 x 0.5 inches
• Shipping Weight: 12 ounces (View shipping rates and policies)
• Amazon Best Sellers Rank: #208,683 in Books (See Top 100 in Books)

More About the Author

The primary question I receive is, why would anyone write so many accounting books? The story began in the early 1990s, when my former boss, Jan Roehl-Anderson, asked me to assist in taking over a book called Controllership from Jim Willson (correct spelling), who had been maintaining the book since the early 1950s. I liked the experience, and even found it relaxing (I must have issues!).

So... I had an idea for another book, called Just-in-Time Accounting, which the publisher accepted, and which got me on the track of doing management accounting books. Most accounting books up to that point had primarily dealt with accounting principles and not how to management the department, so this was a rich area for new books.

The Accounting Best Practices book, which is one of the top-selling accounting books in the country, started when I was bouncing around ideas for new books with one of my editors, John DeRemigis. He suggested the accounting best practices idea, and I said, "nah, there's not enough material." Four editions later and over 400+ pages long, it appears that he was right and I was wrong.

Writing became more intense in 2005, when John Wiley & Sons recommended me to the authors of the Wiley GAAP Guide as a new co-author. This is a seriously technical high-end accounting principles guide, and so was nothing like what I had written before. My first assignment was adding a hundred or so new examples to the book, which was absolutely frantic -- imagine becoming an expert on a really far-out accounting topic in one day, writing an esoteric example, and then hurrying on to an entirely different example the next day.

I have just finished writing Accounting Controls Best Practices, which is chock-full of control points for the most common accounting systems, as well as for best practices upgrades to those systems. And now, it is time for a break, if only for a week.

So... I am heading to the Western Pacific for some serious diving off a live aboard dive boat.

Steve Bragg