Which of the following statements is not applicable to revenue recognition guidance under ASC Topic 606? Firms must disaggregate revenues into categories that depict how revenue is affected by economic factors. The standard applies a minimum number of categories that must be provided. Disaggregated revenues are to be disclosed in a note to the financial statements. Revenue may be disaggregated by geographic region.

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Case Questions1. Consider the principles, assumptions, and constraints of Generally AcceptedAccounting Principles (GAAP). Define the revenue recognition principle andexplain why it is important to users of financial statements.2. Consider the Sithe Energies contract described in the case. Does the account-ing for this contract provide an example of how Enron violated the revenuerecognition principle? Why or why not? Please be specific.3. Consult Paragraphs .06–.07 of AU Section 319. Based on the case informa-tion, do you believe that Enron had established an effective system of inter-nal control over financial reporting related to the contract revenue recordedin its financial statements? Why or why not? 4. As an auditor, what type of evidence would you want to examine to deter-mine whether Enron was inappropriately recording revenue from the SitheEnergies contract?5. Consider the role of the Enron employee who was responsible for applyingMTM accounting rules to electric power…

Which statement is true about Accrual-basis accounting based on the multiple statement below?:   a) results in companies recording transactions that change a company's financial statements in the period in which events occur b) has been eliminated as a result of the IASB/FASB joint project on revenue recognition c) is not consistent with the IASB conceptual framework d) is optional under IFRS

Chowderhead Industries has asked how other comprehensive income issues should be presented in their interim financial statements. Identify the proper citation that provides guidance regarding the treatment of comprehensive income in interim financial statements.

The revenue recognition principle and the expense recognition principle require that the company recognize related revenue and expense transactions in the same accounting period. Discuss why this matching concept is important and explain how the financial information would be misleading if the accountant did not follow these rules. Provide examples in your discussion to demonstrate your point(s).

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Discuss and outline the requirements for "revenue recognition principles". What do you think the standard is designed to achieve? In your opinion is there any gap that the standard setter has not fully addressed

There are areas of differences between IFRS and GAAP definition recognition measurements allowing alternatives for recognition and measurement lack of requirements presentation of items in financial statements disclosure in the notes of Financial Statements Please explain and analyze the effects of the differences mentioned above on the Financial Statements with regard to the following: Current liabilities Provisions Employee benefits Share-based payment Income Taxes Revenue Financial Instruments Leases For example, you can explain how IFRS and GAAP define "Current liabilities." Then how do they recognize and measure "Current liabilities", do both standards have alternative ways of recognition and measurement? If yes, how does this impact the financial statements? Also, do both standards lack some requirements about "Inventories," and do they differ in presentation and disclosure in the notes of the financial statements?  so the same should apply on the rest i.e. Provisions,…

The Question is: True or False & Why?: Comparability across companies will be enhanced since ASC 606 provides clear rules, by industry, for when and how to recognize revenue.   Why the answer is "false"?