SOP Issued on Software Revenue Recognition

Topics:
Revenue recognition
Tags:
Accounting,
Software,
Revenue Recognition,
Operational Accounting,
Management,
GAAP,
Financial Services,
Financial Accounting,
Finance,
Accounting Standards Executive Committee,
...
Source:
The American Institute of Certified Public Accountants

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Overview: The Accounting Standards Executive Committee has issued a statement of position on software revenue recognition that supersedes SOP 91-1. SOP 97-2 (No. 014897CLB11) is effective for transactions entered into in fiscal years beginning after Dec. 15, 1997.The SOP, which provides guidance on applying GAAP in recognizing revenue on software transactions, requires some issues which are mentioned in this document.This article provides guidance on applying GAAP in recognizing revenue on software transactions that includes arrangement to deliver software or a software system, either alone or together with other products or services, requires significant production, modification or customization of software, the entire arrangement should be accounted for in conformity with Accounting Research Bulletin No. 45, separate accounting for a service element of an arrangement to which contract accounting applies etc.

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Format: HTML | Date: Oct 2002 | Pages: 1

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