Under an accrual accounting system, the recognition of revenue is independent from when the cash is ... resulting from assessments other than those on exchange transactions. Examples include fines and ...

Until last year, revenue recognition had been the most common GAAP violation alleged since Cornerstone first began tracking the class action suits in 2019.

The revenue recognition standard, also known as Topic 606 or ASC 606 ... requirements in GAAP about retainage for construction contractors and provides some examples of voluntary disclosures of ...