Example 7.3 It may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign country. Discuss whether revenue can be recognized u...

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Example 7.3 It may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a

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Answer 1

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Under this situation revenue will be recognized only when the foreign governmental authority grants the permission to remit the consideration. When permission is granted then uncertainty is removed and hence revenue can be recognized.

However, when an uncertainty arises with regards to the collectability of an amount that is already included in revenue then the uncollectible amount or the amount for which recovery has ceased to be probable will be recognized as an expense and no adjustment will be made to the amount of revenue that was originally recognized.

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Answer 2

Example 7.3 It may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign country. Discuss whether revenue can be recognized u...

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short answer required Example 7.3 It may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign country. Discuss whether reven...

short answer required Example 7.3 It may be uncertain that a foreign governmental authority will grant...

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Example 7.3 It may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign country. Discuss whether revenue can be recognized u...

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Add Answer to: Example 7.3 It may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign country. Discuss whether revenue can be recognized u...

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short answer required Example 7.3 It may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign country. Discuss whether reven...

short answer required Example 7.3 It may be uncertain that a foreign governmental authority will grant...

Please read the article and answer about questions. You and the Law Business and law are...

First, read the article on "The Delphi Method for Graduate Research." ------ Article is posted below...

Add Answer to:
Example 7.3 It may be uncertain that a foreign governmental authority will grant permission to remit the consideration from a sale in a foreign country. Discuss whether revenue can be recognized u...