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Recognition Position Paper University of Phoenix Accounting for Managerial Decision Making ACC 539 August 21, 2004 Memorandum To: Chief Executive Officer, Ace Manufacturing From: Team A -Team M1, Big Picture Consulting Subject: RECOGNITION POSITION PAPER Date: August 21, 2004 This memorandum is reflective of Team A's, Big Picture Consulting, recommendations to Ace manufacturing for the recognition of revenues and expenses. Revenue and expense recognition is the process of identifying and recognizing the sources of revenues or expenses and is crucial to reporting corporate performance. We have entered into a new era in corporate responsibility and are now holding top-level executives accountable for their organizations fiduciary responsibilities as changes in reporting requirements and methods evolve. The Financial Accounting Standards Board (FASB) with pressure from the Securities and Exchange Commission (SEC) is moving forward to standardize the revenue and expense recognition requirements and methods in place to regain private and public trust of corporations after many large-scale public corporation...

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