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Download the file used in the video:
https://thefincontroller.com/p/accounting-adjustments-easy-to-hard
PwC’s guide on Revenue from contracts with customers:
https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/revenue_from_contrac/assets/pwcrevenueguide0324.pdf
Chapters:
00:00 Agenda
00:53 #1 Late Invoice for Inventory
02:44 #2 AR Write-off
05:09 #3 Deferred Rent
07:53 #4 Sales Commission (Incremental Cost)
11:46 #5 Buyout of Legacy Vendor Contract
What we cover in this video:
Accounting Adjustments are made at each month end to ensure compliance with US GAAP or IFRS, depending on the Accounting framework your company chooses to use
In this video, I will walk you through 5 examples of these accounting adjustments. We will go from an easy example such as a Late invoice on inventory purchase all the way to a very difficult example related to costs to acquire a new customer contract
We will look at both the Wrong Accounting treatment as well as the correct way to record each transaction
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