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mjh28

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  1. mjh28

    Revenue Recognition

    I'm late in replying, but thank you both for your contribution/direction. I'll try find the section in the AICPA Guidance that addresses this,
  2. mjh28

    Revenue Recognition

    Hello, We have a disagreement in our finance department, and I can't find a definitive answer in any FAR clauses (or have found evidence for both cases). If we have a contract to sell supplies to the government, with "Inspect at Origin, Accept at Destination" terms, do we need to wait for the receiving report and/or invoice to be accepted in WAWF/iRAPT before we recognize revenue? Or does the shipment just need to arrive at the customer's dock? Assume all material has already passed inspection at origin. Does anyone have a firm answer on this, and is there a specific regulation/clause that spells this out definitively? Industry is defense, if that matters. Potentially applicable FAR clauses: 52.246-16 Responsibility for Supplies 52.247–34 F.o.b. Destination, section b4. FAR Subpart 46.5
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