AN ASSESSMENT OF REVENUE RECOGNITION CHALLENGES AND SOLUTIONS IN PUBLIC ACCOUNTING
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AN ASSESSMENT OF REVENUE RECOGNITION CHALLENGES AND SOLUTIONS IN PUBLIC ACCOUNTING
This study aims to: 1) Identify the primary challenges associated with revenue recognition in public accounting, 2) Examine the effectiveness of current solutions and practices in addressing these challenges, and 3) Propose new strategies to improve revenue recognition accuracy. The research design is a survey, chosen for its ability to collect detailed quantitative data from a wide audience. Using Taro Yamane’s formula, the sample size is calculated to be 320, ensuring a 95% confidence level and a 5% margin of error. Abuja is selected as the case study location due to its diverse economic activities and regulatory environment. The reliability coefficient score for the survey is 0.88, demonstrating high reliability. Findings show that common challenges include interpreting complex contracts, timing of revenue recognition, and compliance with evolving standards. Effective solutions identified include adopting advanced accounting software, enhancing staff training, and improving internal controls. The study recommends implementing continuous education programs for accountants and leveraging technology to streamline revenue recognition processes, ensuring compliance and accuracy.
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