Based on the basic accounting principles (GAAP), critically analyze “New Revenue Recognition Guidance and the Potential for Fraud and Abuse” article. Based on your analysis, you are to report whether or not the author’s information is in accordance with GAAP. Some information may be “in line with” GAAP and other information may not be. Once you have clearly identified what is GAAP and what is not GAAP (if applicable), please report whether or not you agree with the author’s main point of view (i.e. thesis) and why. Please focus on accounting from the company’s perspective, as opposed to from an auditor’s perspective.
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