U.S. Math Recovery Council® - Revenue Recognition and Other Issues
Keywords:
Case Study, Finacial reporting issues, revenue recognition, contributed services, inventory, GAAP research skillsAbstract
After a meeting with her supervisor, Maggie (a staff auditor in a small public accounting firm) learned that she would be completing her next assignment nearly entirely on her own. Although she knew very little about her new non-profit client, U.S. Math Recovery Council®, the client file contained all the information she would need for the project. After reviewing the file, Maggie knew that her GAAP research skills would be valuable, as the organization had potential financial reporting issues related to revenue recognition, contributed services, and inventory. Using these skills, Maggie began researching each of the issues in preparation for her follow-up meeting with her supervisor.
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