REVENUE RECOGNITION
For almost all entities other than financial institutions, revenue is
the largest single number in the financial statements. It is also a
number that attracts a great deal of user attention. Whilst it might be
accepted that profit is the most important single indicator of corporate
financial performance revenue does not fall far behind. Indeed in many
sectors, for example the retail food sector, revenue is a ‘headline
number’ that is often announced first when results are communicated
externally. In sectors where this is true, the remuneration packages of
senior executives often include a ‘performance related element’ with
revenue growth as the key determinant of ‘performance’Read more>>
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