Chapter 18: Revenue Recognition Intermediate Accounting, 11th ed. Kieso, Weygandt, and Warfield Chapter 18: Revenue Recognition 2

Chapter 18: Revenue Recognition After studying this chapter, you should be able to: Menerapkan Prinsip pengakuan pendapatan. Menguraikan masalah akuntansi yang melibatkan pengakuan pendapatan pada saat penjualan. Menerapkan metode persentase penyelesaian untuk kontrak jangka panjang.

Chapter 18: Revenue Recognition 4. Metode kontrak selesai untuk kontrak jangka panjang. Mengidentifikasi ak. yg tepat utk kerug. atas kontrak jgk. panjang. Metode ak. Penjl. Cicilan. Metode Ak. Pemulihan biaya.

Pedoman Revenue Recognition The revenue recognition principle provides that revenue is recognized: when it is earned, and when it is realized or realizable Revenue is earned Proses menghasilkan laba telah selesai atau sebenarnya telah selesai. Revenue is realized Apbl brg. Dan jasa ditukar dg kas atau klaim atas kas/piut. Revenue is realizable apbl aktiva yg diterima dlm pertukaran segera dpt dikonversi menjadi kas atau klaim atas kas dg jumlah yg diketahui.

Four Types of Revenue Transactions Pendptn dr penjualan produk diakui pd tgl penjln., yg biasanya diinterpretasikan sbg tgl penyerahan kpd pelanggan. Pendptn. dari pemberian jasa diakui ketika jasa2 itu telah dilaksanakan dan dpt ditagih. Pendptn. dari mengizinkan pihak lain utk menggunakan aktiva, co. bunga, sewa, dan royalti, diakui sesuai dg berlalunya waktu atau ketika aktiva perushn. Itu digunakan. Pendptn. Dr. pelepasan aktiva selain produk diakui pd tgl. Penjualan.

Revenue Recog. Diklasifikasikan menurut Sifat Transaksi

Revenue Recognition at Point of Sale(Pd. saat Penjualan) Revenues from manufacturing and selling are commonly recognized at point of sale. Exceptions: Penjln. dg. Perjanjian beli kembali. Penjl. dg hak retur Trade loading and channel stuffing

Revenue Recognition Before Delivery Dalam situasi tertentu pendptn diakui sebelum penyelesaian. Co kontrak konstruksi jgk pjg yg memungkinkan penerapan metode % penyelesaian. Two methods are available: The percentage-of-completion method, and The completed contract method

Percentage-of-Completion Revenue Recognition Before Delivery Long-Term Construction Accounting Methods Percentage-of-Completion Method Completed Contract Method Menetapkan hak2 yg dpt dipaksakan antara 2 pihak 2) Pembeli dpt diharapkan memenuhi semua kewajib 3) Kontraktor diharapkan dpt 1)Syarat metode % penyele- seaian tdk terpenuhi. 2)Mempunyai kontrak jangka pendek.

Percentage-of-Completion: Steps Biaya yg terjadi sampai tgl ini = Percent complete Estimasi akhir total biaya selesai 1 Estimated total revenue x Percent complete = Revenue to be recognized to date 2 Total revenue to be recognized to date less Revenue recognized in Periode seblm.nya = Current period revenue 3 Current Period Revenue less current costs = Gross profit 4

Percentage-of-Completion: Entries Mencatat Biaya Konstruksi Konstruksi dlm Proses Materials, cash, payables, etc. Untuk mencatat Termin: Piutang Usaha Penagihan atas konstruksi dlm proses Untuk Mencatat Hasil Penagihan: Cash Accounts receivable

Percentage-of-Completion: Entries Utk Mengakui pendptn dan laba kotor: Construction in process (gross profit) Construction expenses Revenue Utk mencatat Penyelesaian Kontrak: Penagihan atas konstruksi dlm proses Konstruksi dlm Proses

Percentage-of-Completion: Example Data: Contract price: $4,500,000 Estimated cost: $4,000,000 Start date: July, 2003 Finish: October, 2005 Balance sheet date: Dec. 31 Given: 2003 2004 2005 Biaya sampai tgl ini $1,000,000 $2,916,000 $4,050,000 Estims. bi utk menyelesaikan $3,000,000 $1,134,000 $ -0- Termin selama th berjalan $900,000 $2,400,000 $1,200,000 Kas yg ditagih selama th berjl $750,000 $1,750,000 $2,000,000 What is the percent complete, revenue and gross profit recognized each year?

Percentage-of-Completion: Example 2003 2004 2005 % complete to-date 1,000,000 = 25% 2,916,000= 72% 100 % 4,000,000 4,050,000 Revenue recognized 4,500,000 * 25% 4,500,000 * 72% 4,500,000 = 1,125,000 less 1,125,000 less 3,240,000 = 2,115,000 = 1,260,000 1,125,000 less 2,115,000 less 1,260,000 1,000,000 1,916,000 less 1,134,000 = 125,000 = 199,000 = 126,000 Gross Profit recognized

Kerugian Kontrak Jangka Panjang Dua Jenis Kerugian Kontrak Jgk Pjg: Kerugian Periode Berjalan atas Kontrak yg Menguntungkan. Apbl Terdapat kenaikan yg signifikan dlm estimasi total biaya kontrak ttp kenaikan tsb. Tdk menghilangkan semua laba kontrak. Hanya dlm metode % penyelesaian saja kenaikan estimasi biaya itu membutuhkan penyesuaian periode berjln. Kerugian atas Kontrak yg merugikan Estimasi biaya pd akhir periode berjln mungkin menunjukkan bahwa kerugian akan terjadi ketika seluruh kontrak berakhir.Kedua metode harus mengakui kerugian dalam periode berjalan.

Pengakuan kerugian dlm kontrak jangka panjang Percentage Method: Recognize loss currently. Kerugian periode ber Jln atas kontrak yg menguntungkan Completed method: No adjustment needed. Percentage Method: Diakui pd periode berjln. Kerugian atas kontrak Yg tidak mengun- tungkan Completed method: Diakui pd periode berjln.

Revenue Recognition After Delivery Apabila hasil penagihan atas hrg jual tdk dpt dipastikan scr layak shg pengakuan pendapatan akan ditangguhkan. Dua metode yg biasanya dipakai utk menangguhkan pengakuan pendapatanh sampai kas diterima adalah: 1. Metode penjln Cicilan (installment sales method) 2. Metode Pemulihan Biayat (cost recovery method) Kas diterima seblm penyerahan atau pengalihan properti dan dicatat sbg simpanan krn transaksi penjln itu belum selesai. Cara ini disebut deposit method/Metode Simpanan

The Installment Sales Method Menekankan Pd diterimanya hsl penagihan drpd penjualan.Metode ini mengakui laba dlm periode2 diterimanya hasil penagihan dan bukan dlm periode penjualan. Pengakuan Laba ditangguhkan sampai periode penagihan kas. Jadi, bukan penjualan yg ditangguhkan sampai periode penagihan yg diantisipasi dimasa datang dan kmd biaya serta beban yg terkait ditangguhkan, melainkan hanya proporsi laba kotornya yang ditangguhkan

The Installment Sales Method: Example Given: 2003 2004 2005 Installment sales $200,000 $250,000 $240,000 Hrg pokok Pejln. $150,000 $190,000 $168,000 Gross Profit $ 50,000 $ 60,000 $ 72,000 Cash received in: from 2003 sales $ 60,000 $ 100,000 $ 40,000 from 2004 sales $ -0- $ 100,000 $125,000 from 2005 sales $ -0- $ -0- $ 80,000 Determine the realized and deferred gross profit.

The Installment Sales Method: Example Given: 2003 2004 2005 Installment sales $200,000 $250,000 $240,000 Gross Profit $ 50,000 $ 60,000 $ 72,000 Gross profit rate 25% 24% 30% See next slide for realized and deferred gross profit

The Installment Sales Method: Example 2003 2004 2005 Gross profit rate 25% 24% 30% Realized Gross Profit: From 2003 sales: Realized in $ 15,000 $ 25,000 $ 10,000 From 2004 sales: Realized in: $ -0- $ 24,000 $ 30,000 From 2005 sales: Realized in: $ -0- $ -0- $ 24,000 Gross profit deferred deferred

The Installment Sales Method: Partial Journal Entries (2003) for Gross Profit Installment Sales 200,000 Cost of Sales 150,000 Deferred Gross Profit, 2003 50,000 (To close 2003 accounts) Deferred Gross Profit, 2003 15,000 Realized Gross Profit 15,000 (Realized: $60,000 x 25%) Realized Gross Profit 15,000 Income Summary 15,000 (To close to Income Summary)

The Cost Recovery Method Seller recognizes no profit until cash payments by buyer exceed seller’s cost of merchandise. After recovering all costs, seller includes additional cash collections in income. This method is to be used where there is no reasonable basis for estimating collectibility as in franchises and real estate. The income statement reports the amount of gross profit recognized and the amount deferred.

The Deposit Method Seller receives cash from buyer before transfer of goods or performance. The seller has no claim against the purchaser. There is insufficient transfer of risks to buyer to warrant recording a sale by seller. In the case of such incomplete transactions, the deposit method is used. The deposit method thus defers sale recognition until a sale has occurred for accounting purposes.

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