Revenue Recognition: Income Statement Presentation and Disclosures

Level: Intermediate
Credits (50 min.hr.): 1
Prerequisites: Experience in financial reporting.

Statement of Financial Accounting Concepts (SFAC) No. 1, Objectives of Financial Reporting by Business Enterprises, discusses the difference between financial statements and financial reporting and describes the characteristics of both financial reporting and financial statements. In this course we will look at the characteristics of both the concept of comprehensive income and revenues as they are presented in the income statement. We also look at the disclosures pertaining to revenue recognition and a few sources of those requirements. We will also look at some examples of revenue recognition presentation and notes to the financial statements.

• SFAC No. 1
• Comprehensive income
• Financial statement presentation
• SFAS No. 130
• Disclosure requirements
• Construction industry
• Health care industry
• Multiple deliverables

Course Objectives

• Be aware of the concepts in SFAC Nos. 1 and 6.
• Be aware of various methods of presenting revenue in income statements.
• Be aware of basic disclosures pertaining to revenue recognition.

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