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Reporting Problems Old and New That Trouble Companies

Scott Taub | March 25, 2014

Annual reports for calendar year-end companies have now just about all been issued. While it may seem that this reporting season has been relatively quiet, behind the scenes, it has had its share of tough issues, new developments, and even a big surprise.  

While there weren't any major new accounting standards to incorporate or developments that affected large numbers of companies, some familiar issues continued to cause headaches.  

A recurring problem for years has been determining whether revenue should be recognized on a gross or net basis. It hits resellers, who need to determine whether they should recognize revenue for the full price of the item they are reselling, or only for their margin, and companies that make payments to their customers for goods, services, or other reasons, who must determine whether the payments to customers...

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