Part One: Key Processes for Revenue Compliance
Revenue accounting has become a “hot spot” for auditors and investors. It is simultaneously coming under greater scrutiny and becoming more complex. Guidelines and regulations are under constant review, and many industries are adopting new business models involving wide ranging customer relationships with long-term financial implications.
The introduction by the Securities and Exchange Commission of Staff Accounting Bulletins (SAB) 101 and 104, as well as FASB’s Emerging Issues Task Force (EITF) 00-21 and the Sarbanes-Oxley Act underscore the fact that reliable revenue reporting is a demand all companies must meet, and that it is non-negotiable. Accurate, timely, and comprehensive revenue reporting is a requirement for enterprise infrastructures and an essential component for regulatory compliance.
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