unbilled accounts receivable and deferred revenue accounting

In summary, deferred revenue can create timing differences between tax and financial accounting. Deferred revenue is typically reported as a current liability on a company's balance sheet because prepayment terms are typically for 12 months or less. If not, select it here. Revenue Recognition: What It Means in Accounting and the 5 Steps Revenue recognition is a generally accepted accounting principle GAAP that identifies the specific conditions in which revenue is recognized. This deferred revenue liability represents services still owed to the customer over the contract term.

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