Revenue recognition issues are the subjects of headlines, primarily because major corporations have recognized revenues that did not actually exist. For a cash only business, revenue recognition is a simple process. A sale equals revenue. The more complex the business, the more specialized the industry, the more difficult the decision becomes as to when to recognize earnings. Revenue recognition guidance exists throughout accounting literature, accounting and audit guides and audit risk alerts for specific industries and the SEC’s SAB 104. In this course, you will review the current literature, look at the implications of premature recognition, unique revenue recognition issues of specialized industries and examine current FASB projects and the impact they will have on financial statements.