Revenue Recognition Principle Locally and Globally The revenue recognition principle requires that revenues be shown in the period in which they are earned, not when cash is collected. If payment is received in advance, it should be recorded as a liability, not as revenue. If this principle is not followed, users of financial statements may be led to believe that a corporation is doing better than it is. Required: Discuss the revenue recognition principle and the key changes resulting from the new IFRS 15 with local and global examples of any violation of IFRS 15. Required: 750- 1000 words Marks assigned: 10 marks Due date: 23th November 2021 The Project Report The Organization of the Report: The typical structure of your report should include the following parts: Cover Page This should contain the approved project title, names of group members, name of the instructor, the name of the college and department, and the date of submission. Table of Contents This should not exceed one page and should list the major sections of the report along with the page numbers on which they start. It permits quick reference for finding specific information in the report. Introduction The introduction guides your reader into the paper by introducing the topic. It should begin with a hook that catches the reader’s interest. This hook could be a quote, an analogy, a question, etc. After getting the reader’s attention, the introduction should give some background information on the topic. The ideas within the introduction should be general enough for the reader to understand the main claim and gradually become more specific to lead into the main purpose of the project. Body The body of the project supports the main points presented in the project statement. Each point is developed

Answer rating: 100% (QA)

Revenue Recognition Principle Locally and Globally The revenue recognition principle is a fundamental accounting concept used to determine when a comp... View the full answer