Intermediate Accounting II - Recognizing Revenue - L11 - Professor Alexander Sannella

Intermediate Accounting II
Recognizing Revenue
Lecture #11
Professor Alexander Sannella
April 22, 2014

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Time Stamps:

00:13 Recognizing Revenue
02:00 Disclosures
03:45 Revenue Recognition
06:55 Contracts in Process
10:37 Sample Footnote Disclosure: Raytheon Company
13:28 Installment Sales Method (Cash Basis)
24:15 Installment Sales Entry
32:00 Cost Recovery
42:38 Repossessions
46:33 Multiple Deliverable Arrangements
46:42 Software Revenue Recognition
48:40 Relative Fair Market (Sales) Value Method
53:57 Sample Disclosures
58:00 Illustrations from Ernst & Young Technical Line No. 2011-26
59:49 End of Module 18-3 Questions
1:08:24 Chapter 19: Accounting for Income Taxes
1:15:05 Introduction to Deferred Tax Accounting: Using Book Tax Income Statement Differences
1:21:37 Income Tax Reporting Model
1:25:23 Deferred Tax Liability (DTL) and Deferred Tax Asset (DTA)
1:26:33 Deduction of estimated warranty cost for financial reporting purposes, which cannot be deducted for tax until actual repairs take place
1:28:37 Example of Components of Deferred Tax Asset and Liabilities, from Target, Corp. Annual Financial Report, Jan 29, 2011
1:32:58 Basic Deferred Tax Illustration #1: A Personal Illustration
1:40:26 Reversing and Originating Differences
1:42:59 Basic Deferred Tax Illustration #2: Tax versus GAAP Depreciation

In this lecture, the Professor begins by discussing revenue recognition and disclosures. He continues by discussing contracts in process. He goes in depth about installment sales method (cash basis) and then discusses cost recovery and repossessions. In addition, he briefly talks about multiple deliverable arrangements. The Professor continues on to chapter 19 to talk about accounting for income taxes. The class concludes with two basic deferred tax illustrations.

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