Why is revenue recognition a significant issue

by | Mar 18, 2020 | Uncategorized

  

There are two main parts to this assignment. Please make sure this paper is well organized and
covers all of the items below.
Part I
•Why is revenue recognition a significant issue? How do we determine when revenues are
recorded for accounting purposes?
•Explain the difference between a product and period expense.
•Discuss the matching concept as it relates to accounting for revenues and inventory.
•Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or
three specific differences.
Part II
Refer to the latest annual financial statements for the two following companies: Apple:
http://investor.apple.com/
and Samsung: http://www.samsung.com/us/aboutsamsung/ir/newsMain.do. Generally, this
information is found in the Investor Relations area of the website.
Clearly identify the companies, the time period, and include the link to the financial statements
you are analyzing in your report. Next, answer questions below.
•What accounting conventions do the two companies follow US GAAP or IFRS?
•What about auditing standards for the two companies?
•Locate the income statement for the past two years for both companies. Prepare a table
comparing five items or more from each statement. Next, comment on the changes from one
year to another. Is the company doing better or worse? Did revenues and expenses increase or
decrease?
•Locate the balance sheet for the past two years for both companies. Prepare a table comparing
five items or more from each statement. Next, comment on the changes from one year to
another. Further, discuss retained earnings and how income or loss and dividends affect this
account. Review two companies’ retained earnings account and explain how it changes
between the two past years.

Assignment Expectations
It is important to answer the questions as posed. The discussion should be three to five
pages and written in a clear and concise manner. Support your discussion with
references in APA format. You are encouraged to use Excel or other compatible
spreadsheet when computations are involved.

  

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