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III. Financial Reporting (Revenue (Contract, Obligation, Price…
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FRF for SME
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Income Taxes (2 Options)
Deferred Taxes Method
(Tax time rolled in, should have paid, but did not yet)
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Expense
Costs
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Period
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Rent, Depreciation, Utilities
(not one time, deals with passage of time)
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Fair Value
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Price if sold asset, assumes highest value
Revenue
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Franchise Revenue
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However, if not all performed, there will be unearned revenue for unperformed items and this is subject to PV if more than 1 year
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Initial Revenues related to a service term are also allocated evenly, even if it does not explicitly say so
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Modified Cash Basis
Avoids GAAP complexities, but more info than Cash Basis
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Liabilities
Accrued Liability
Expense incurred, but not paid
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Similar to Accrued Expense, but for payables
Current Liability
Paid, revenue can't be recorded yet
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