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Actived: Wednesday Mar 25, 2020

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Lost and found: Booking liabilities and breakage income

Gift cards are a source of convenience for customers and a source of revenue for companies. But accounting for gift cards can be inconvenient. Finance must pay attention in particular to the recognition of breakage income related to unredeemed amounts on cards.

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Revenue recognition’s effect on gift card accounting: Are

Prepaid cards and several other payable-based consumer products are popular retail items and marketing tools. Portions of the proposed revenue recognition standard that FASB is working on will affect gift card programs. Companies with gift card programs need to be prepared as the proposed standard will require the recognition of

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Accounting for Gift Cards - Journal of Accountancy

EXECUTIVE SUMMARY The accounting for gift card sales presents an emerging reporting dilemma for retailers. Unresolved reporting issues stemming from the reporting treatment of gift card sales and “breakage” (gift cards that consumers fail to redeem) potentially involve several accounting regulations, including standards for revenue recognition and the recognition of

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The Right Way to Recognize Revenue - Journal of Accountancy

The Right Way to Recognize Revenue Learn the components of SAB 101 and mistakes to look out for. BY THOMAS J. PHILLIPS, MICHAEL S. LUEHLFING AND CYNTHIA M. DAILY. Related. Unfortunately the executives at another company did not act soon enough to ward off revenue recognition problems. As a result, both the chief operating officer and the

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Tax Treatment of Rebates May Be Clearing Up

EXECUTIVE SUMMARY The IRS has attempted for many years to categorize rebates as deductions rather than exclusions so that the restrictions of IRC § 162 can be applied. But the courts have allowed exclusion treatment for direct seller-to-buyer rebates. Though the IRS has had some success in the courts challenging

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Journal of Accountancy - Accounting, tax, auditing news

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