Financial and Accounting Chicanery. Will The New Revenue Standard Address The Revenue Realization Issues

International Journal of Economics and Management Studies

© 2020 by SSRG - IJEMS Journal

Volume 7 Issue 5

Year of Publication : 2020

Authors : Dr. Kingsley Wokukuwu

10.14445/23939125/IJEMS-V7I5P128

How to Cite?

Dr. Kingsley Wokukuwu, "Financial and Accounting Chicanery. Will The New Revenue Standard Address The Revenue Realization Issues," SSRG International Journal of Economics and Management Studies, vol. 7,  no. 5, pp. 184-187, 2020. Crossref, https://doi.org/10.14445/23939125/IJEMS-V7I5P128

Abstract:

In the recent past, firms have been employing questionable accounting practices, financial engineering, complicated risk metric, and outright fraud in an effort to conceal losses and inflate profits. The new revenue recognition standard is a collaboration between the FASB (Financial Accounting Standard Board) and the IASB (International Accounting Standard Board).  The FASB and the IASB jointly issue the IFRS 15 (International Financial Reporting Standard 15 and ASC 606 (Accounting Standard Codification 606) revenue from a contract with customers. The core principle of IFRS 15 and ASC 606 is to recognize and depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be compensated in exchange for those goods or services.

Keywords:

Chicanery, Revenue, Financial And Accounting.

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