General Inquiries

Joint Venture dissolved with deferred revenue

  • 1.  Joint Venture dissolved with deferred revenue

    Posted 03-05-2019 21:17
    Revenue was recognized previously to close out the JV. But for GAAP revenue/expenses can't be recognized yet. Since ultimately the parent is responsible for delivery, should we eliminate the revenue/expense, leaving the JV's financials as is? Or should we reverse revenue/expense until delivery accepted? Any guidance is appreciated.

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    Deborah Wolkoff CPC
    Controller
    Bering Straits Native Corporation
    Anchorage AK
    (907) 334-8329
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