Revenue Recognition Principle in TWO MINUTES!

I want to say a big THANK YOU to all of you who have supported the channel by watching & subscribing! We've just hit 500 subs in less than 3 months which is fantastic news. Next stop... 1000 🙂 Cheers for all the lovely comments and suggestions. They always motivate me to improve and go the extra mile on each video. As always, let me know if there are any topics you would like covered and I'll see getting them done!

Thanks a lot,Sir 😊

Beautiful. Thank you!

AMAZING!

best accounting channel so far

damn, that's totally clear for me to understand these definitions

Great!

Great

Thanks!

This is so well detailed and explained in a quick matter of time. Thank you!

Explained Amazingly with examples

Revenue is also derived from the normal course of business, there's also different recongition criteria for private and public companies as well as varying situations and instances outlined in your respective accounting/auditing handbooks.

Crystal clear explanation, thank you so much!

Recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.

Super.... 2023 and still rocking

My most knowledgeable 2min😦!

perfect

Super sir

🫶🏻🫶🏻🫶🏻🫶🏻🫶🏻

It was really really helpful . Sending many thanks

good stuff, you are the David Bowie of Accounting, sir.

James, I LOVE your channel and easy way that you explain these principles. I recommend your channel to all my clients!

best teacher i have seen ever , wow 😧😧😧

Honestly, thank you so so much for creating these! 4 years in and the video is still relevant and the quality is as if someone created it yesterday!!!

Wow❤️ you are the best teacher your way of explaining is very good 👍 i appreciate you ☺️ plz upload more videos

Wow 👏👏

I'm currently studying economics with accounting and ur vids are helping so much! Ty!!

how do i make myself to fall in love with financial accounting? i don't seem to appreciate this subject that i am studying in school right now :( </3

More clear than my professor…..

man OMGGGGGGGGG now I f** love ACC omgggggggg realy you are massive huge teacher
I cant belive that its ez like this!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Man I failed 3 time on ACC101 and now after this viedo I have 4 balls extra xddddddddddd

Could u upload current asset and current liabilities as per US GAAP and IFRS

What is your personal instagram ?

great work

James is great, thanks for making accounting fun and easy to understand.

I love this thank you so much 💕 very helpful!!👏

I don't understand in what world you get your car washed and don't have to pay for 30 days. Is that a thing??

excellent!

It's great

Thanks....A simple and easy way to understand the concept

awesome! I can confidently do my report tomorrow because of this 💕

This 2 minutes were definitely worth it.

Awesome...

Never found a good teacher like you. Understanding Even better than in class

This is the best 2 mins I've ever use

WOW ⏳ 😮 🧁🍾

Easy to understand. Nice job 👍

Actually, revenue recognition is more involved than what you have presented. According to GAAP (and IFRS), revenue must meet the following criteria: (1) There must be a determinable dollar amount. There cannot be any uncertainty in the valuation. (2) All performance obligations must be fulfilled. In many instances the earning position that you make holds true, but there is a great deal of complexity and uncertainty with certain contractual arrangements. For example, if a car dealership sells a new car to you with a warranty and a complimentary service agreement for two years, the exchange of the car to the customer for payment does not indicate that revenue has been earned. The price of the transaction must be allocated among the car itself, the warranty, and the service agreement. There are different performance obligations involved. Only as they are fulfilled may revenue be recognized. There are a lot of other issues that are involved with revenue recognition that must be considered as well, which I am not going to go into detail.

You should make video on receivables!

Thanks