ATCH_B-15-R-0019-Acct-Issues.docx
DOCX document 15 KB Posted
- Attached to
- Intensive Testimony Workshop
- Solicitation number
- SECHQ1-15-R-0019
- Issued by
-
Securities and Exchange Commission
About this file
Attachment B - Description of Accounting/Disclosure Issues
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| ATCH_2-15-R-0019-ENFTrn-Final.docx | DOCX document | |
| ATCH_A-15-R-0019-Areas_To_Cover.docx | DOCX document | |
| Atch_J-1-15-R-0019-NDA-K-Entity-7-19-2013.pdf |
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Text version
RFP# SECHQ1-15-R-0019
ATTACHMENT B
Additional Brief Description of Accounting/Disclosure Issues
The securities fraud case involves transactions which were structured to improve year-end financial reporting results by, among other things, prematurely recognizing revenue in the current period. Key terms of the transactions were not disclosed to the company’s auditors.
Under Generally Accepted Accounting Principles (GAAP), revenue should not be recognized until it is realized or realizable and earned. Revenue generally is realizable or realizable and earned when all of the following criteria are met:
· Persuasive evidence of an arrangement exists;
· Delivery has occurred and services have been rendered;
· The seller’s price to the buyer is fixed or determinable; and
· Collectability is reasonably assured.
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