Accounting Recognition of Sales Revenue Research Proposal

Accounting Recognition of Sales Revenue - Research Proposal Example Generally Accepted Accounting Principal (GAAP) with regard to recognition of revenue is covered by FASB Statement of Financial Accounting Concepts No.5. As per paragraph 83 of said SFAC No.5 , revenue â€Å"recognition involve consideration of two factors, a) being realized and realizable, and b) being earned, with some time one and sometimes the other being the most important consideration†. Both criteria are required to be accomplished before the revenue is recognized. The revenue is treated as realized when cash is received for sale of product; and revenue is termed as realizable when a promise to pay is received and that may be either verbal promise to pay or written in the shape of notes receivable. The second condition is that the revenue must be earned. Revenue is treated as earned when enforceable exchange takes place of considerations. That is to say deliveries of goods have been given and promise to pay has been received. Take the case of credit sales where goods have delivered at the time transaction was entered into. In such a transaction a verbal promise to pay has been created on acceptance of delivery by buyer. Accordingly it can be said that revenue has been earned at the time of occurrence of a verbal promise to pay. Again as per SFAC No.5 before recognition of a transaction four basic criteria namely, the arising of basic element of asset or liability or change in equity through such transaction, measurability, relevance, and reliability, are required to be fulfilled.

How has commercialisation affected professional football since the Essay

How has commercialisation affected professional football since the formation of the premier league and what effect has this had on the average fan - Essay Example d the 1980s witnessed England entering into a rather novice phase marked by lack of commercial enterprising on the part of sponsors and top brass of soccer administrators. In fact European football in general followed a downward curve during these two decades (King 59). Several key factors were responsible for this lean period in the history of English soccer. These factors ranged from societal issues to lack of technical adroitness. However, the Premier soccer League teemed with the very best from the global arena and players from all continents signed for various clubs featuring in the League (Storey 108), thus turning English club football into an action-packed display of power and dynamism. The focal point of this paper is going to be the period following the formation of the English Premier League, during which the entire skeleton of English soccer underwent a drastic change in terms of growing commercialisation and corporate professionalism. The paper will also discuss the relative position of British soccer in the larger framework of world football in the last two decades. The charm of English soccer ebbed away following the series of poor performances by the national soccer team in FIFA World Cups after their historic win over West Germany in the 1966 version of the premier title. It was imperative for the administrators and players alike to bring people back to where they could relate themselves to. However, due to a pervasive sense of hopelessness prevailing among the average followers of the sport, the task was not an easy one. Moreover, hooliganism was on the rise in the 1980s both on English soil and outside (Dunning and Malcolm 101). In fact English football had earned a notorious distinction of promoting hooliganism across Europe and other soccer playing countries (Bloom and Willard 306). Political reasons also came into contention in this regard as some of the earlier events in the annals of world history were believed to have contributed to the