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Purposed Base Recognition: Recognizing, Rewarding and Retaining Your Staff Presented by: Lori A. Offer SpeakerTrainerConsultant Supporting Community, Inc. www.SupportingCommUnity.com Lori SupportingCommUnity.com
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Purpose based recognition is a method of recognizing revenue based on the specific purpose of the transaction.
Any company or individual that engages in transactions where revenue recognition is required may be required to file purpose based recognition.
Purpose based recognition is typically filled out by documenting the specific purpose of each transaction and how revenue should be recognized based on that purpose.
The purpose of purpose based recognition is to ensure that revenue is recognized in a way that accurately reflects the economic substance of the transaction.
Information reported on purpose based recognition typically includes details of the transaction, the purpose of the transaction, and how revenue should be recognized.
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