In many small and even medium-sized companies, financial reporting during the year does not include all of the adjustments made at the year-end (often in connection with the audit or review of the annual financial statements by an independent professional accountant).
“Revenue recognition” refers to when sales and other revenues are recorded. Recognizing revenue is fundamental to accounting. In theory, you recognize revenue when you earn it. It sounds like it should be simple, but it isn’t.
The Alberta Securities Commission has released its 2011 Corporate Finance Disclosure Report. Not surprisingly, during this transition year, the commission came across several problems with reporting issuers' IFRS conversion filings...
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