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Revenue Recognition Accounting is a specialized field of accounting that focuses on the timing and amount of revenue that is recognized in financial statements. It is a critical component of financial reporting, as it affects the accuracy of a company's financial statements. Revenue recognition accounting requires companies to identify the performance obligations in a contract, estimate the amount of revenue to be recognized, and determine when the revenue should be recognized. Companies must also consider the impact of any changes in the contract terms, such as discounts or returns, on the amount of revenue to be recognized.
Revenue recognition accounting is governed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). The FASB and IASB have issued several standards that provide guidance on how to recognize revenue in financial statements.
Companies in the Revenue Recognition Accounting market include Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers, and Grant Thornton. Show Less Read more
