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Revenue Recognition : Governance

Posted on February 11th, 2008 by Sanjit Anand ||Email This Post Email This Post

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The Revenue Governing Bodies are:

  • U.S. GAAP: Generally Accepted Accounting Principles, set of guidelines upon which companies report their financial results for consistency
    • FASB: Financial Accounting Standards Board is the primary driver of GAAP, with inputs from the AICPA, the SEC, Top Accounting Firms.
    • AICPA: American Institute of Certified Public Accountants, issues Statements of Positions (SOP), which outline the AICPA’s interpretations and application of GAAP.
  • SEC: US Securities & Exchange Commission, regulates companies listed on the US Stock Exchanges and publishes Staff Accounting Bulletin’s (SAB), which are their interpretations of GAAP

Outside the US, most countries have their own Standards Board, and mostly adhere to the International Accounting Standards. These vary slightly from US GAAP.

Other Governing Bodies

  • SOX: Sarbanes-Oxley- 2002 US Law to protect investors by requiring strict controls on processes affecting financial results
  • ICR: Internal Control Review, Companies generally response to the act focusing on 2 of the 66 sections of the Sarbanes-Oxley… auditing to controls

For the US Public Listed company its important to meet accounting & reporting requirements issued by the US Securities & Exchange Commission (SEC) when presenting its financial results to investors.

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