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Anonymous Revenue Finance Manager

Revenue Recognition Daily Rate

Asked on May 9, 2013

I'm trying to find a source that explicitly states straightlined revenue needs to be done on a daily rate. Any help would be appreciated. I'd prefer something authoritative (FASB or SEC), though an accounting firm article or guide would be helpful as well.

Thanks,

Answers

Doug Thompson Director of Revenue • February 28, 2013

I don't think you'll find it. I've been at companies where the auditor allowed software maintenance to be monthly, or mid-month convention, and elsewhere where the auditor required it to be allocated/amortized to a specific day. But if you're at a public company it's more likely it will need to be daily.

J.D. Floyd Owner, CFO • March 3, 2013

My current client is transitioning into daily rev rec based upon virtual currency transactions. I have asked a similar question of PWC (client's auditor). When I get the guidance I can forward on. J.D. Floyd

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