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Recognizing Revenue Ethical Case U Of M Crookston Intermediate Accounting I Brief Essay

403 words - 2 pages

Chapter 5- Revenue Recognition
“Revenue is one of the most important measures used by investors in assessing a company’s performance and prospects” and Jim Fielding faces a tough ethical choice in this situation (Revenue Recognition). He can comply with the CFO’s wishes and ship the inventory to boost sales for the financial statements or he can comply with appropriate accounting standards for revenue recognition and not allow the “purchase” to go through. The purchase of the computers represents a performance obligation that will be recognized at a single point in time. There are 5 indicators that should be used to determine if control has passed from the seller to the customer before revenue should be recognized. These include: an obligation to pay the seller, legal title to the asset, physical possession of the asset, assumed the risks/rewards of ownership and acceptance of the asset (Spiceland, Nelson, & Thomas, 2018, p. 238). Although the fake purchase of computers would physically transfer the computers to J. B. Sales and provide a legal title, the rest of the requirements remain somewhat incomplete. On the outside, and on the financial statements to creditors and lenders, the purchase would appear to satisfy the requirements but Jim and the CFO both know...

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