November 08, 2005
Revenue Recognition Still a Hot Spot for Registrants and Auditors
Ever since the report (Section 704) supporting Sarbanes-Oxley, revenue recognition has been a huge area of problems. Now there are more rules SAB 101 and 104 taking this issue to a new level.
An excerpt on this topic is here:
"The Impact of Sarbanes-Oxley on Revenue Recognition Practices
2005-11-08 12:00:00.0 CDT Part One: Key Processes for Revenue Compliance
By Robert O’Connor
Revenue accounting has become a “hot spot” for auditors and investors. It is simultaneously coming under greater scrutiny and becoming more complex. Guidelines and regulations are under constant review, and many industries are adopting new business models involving wide ranging customer relationships with long-term financial implications. The introduction by the Securities and Exchange Commission of Staff Accounting Bulletins (SAB) 101 and 104, as well as FASB’s Emerging Issues Task Force (EITF) 00-21 and the Sarbanes-Oxley Act underscore the fact that reliable revenue reporting is a demand all companies must meet, and that it is non-negotiable. Accurate, timely, and comprehensive revenue reporting is a requirement for enterprise infrastructures and an essential component for regulatory compliance."
For complete article, click here.
To learn more about the Sarbanes-Oxley Compliance Playbook(tm) see www.issuescentral.com
An excerpt on this topic is here:
"The Impact of Sarbanes-Oxley on Revenue Recognition Practices
2005-11-08 12:00:00.0 CDT Part One: Key Processes for Revenue Compliance
By Robert O’Connor
Revenue accounting has become a “hot spot” for auditors and investors. It is simultaneously coming under greater scrutiny and becoming more complex. Guidelines and regulations are under constant review, and many industries are adopting new business models involving wide ranging customer relationships with long-term financial implications. The introduction by the Securities and Exchange Commission of Staff Accounting Bulletins (SAB) 101 and 104, as well as FASB’s Emerging Issues Task Force (EITF) 00-21 and the Sarbanes-Oxley Act underscore the fact that reliable revenue reporting is a demand all companies must meet, and that it is non-negotiable. Accurate, timely, and comprehensive revenue reporting is a requirement for enterprise infrastructures and an essential component for regulatory compliance."
For complete article, click here.
To learn more about the Sarbanes-Oxley Compliance Playbook(tm) see www.issuescentral.com
