1 answer

According to the U.S. GAAP Conceptual Framework, firms recognize revenue when it is realized or realizable,...

Question:

According to the U.S. GAAP Conceptual Framework, firms recognize revenue when it is realized or realizable, and earned. The SEC has provided four criteria that it believes must be met for revenue to be both realized/realizable and earned. What are the four criteria? Provide the Codification reference.


Answers

Followings are the four criteria for revenue to realized/realizable and earned

1) Persuasive evidence of an arrangement exist

2) Delivery has occurred or services have been rendered

3)The seller's price to the buyer is fixed or determinable, and

4) Collectibility is reasonably assured

.

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