three important guidelines for revenue recognition.

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  According to the SEC, revenue recognition has been a problem for several years and continues to be a problem. In fact the SEC recognizes the area of revenue recognition in accounting as the largest cause for financial statement restatements.

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  Some of the accounting principles include historical cost principle, revenue recognition principle and matching principle, etc.

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  This creates an impression that companies are struggling to meet revenue recognition standards. At the meeting with the client scheduled for three days from now, I will propose two or three different models.

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  SEC classifies these violations into three categories: - Revenue recognition, including fraudulent reporting of fictitious sales, inaccurate timing of revenue recognition, and improper valuation of revenue.