The amount realized on the sale of assets by Pierce Corp. would be the cash paid plus the liability assumed, including the reserves. Introduction: On the contrary to what the names suggest, unearned revenue and deferred revenue are both the same thing. Deferred revenue, also known asunearned revenue, refers to advance payments a company receivesfor products or services that are to be delivered or performed in the future. However, we only perform tests of controls if we intend to rely on the clients internal controls to reduce the risk of material misstatement. Here are four audit risks associated with deferred revenue: 1) Recognition Risk: This is when an entity incorrectly recognizes revenues. It is the combination of inherent risk and control risk. 3) Presentation Risk: This is when an entity presents its deferred revenue in a misleading way. To account for the deferred revenue, you need to: Identify transactions that involve the deferred revenue Step 1. This accounting practice requires certain audit procedures to ensure accuracy and compliance with accounting standards and regulations. To keep learning and advancing your career, the following CFI resources will be helpful: A free, comprehensive best practices guide to advance your financial modeling skills, Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM), Deferred Revenue (also called Unearned Revenue) is generated when a company receives payment for goods and/or services that have not been delivered or completed. They should also perform analytical procedures on the data contained in the financial statement to determine if it is accurate or not. In all subsequent months, cash from operations would be $0 as each $100 increment in net income would be offset by a corresponding $100 decrease in current liabilities (the deferred revenue account). Financial Accounting Standards Boards. This article also does not address the rules for long-term contracts under Sec. Report unearned revenue as a liability for derived tax revenues received in advance (unearned but available) (GASB 33, paragraph 16 and GASB 65, paragraph 53). Marrying ESG initiatives to business tax planning, Early access to wages may require new employment tax analyses, Determining gross receipts under Sec. Pierce Corp. recognized one-tenth of the income each year and recorded the unrecognized portion as a "reserve" (i.e., unearned revenue).8 As the subscription was redeemed, the corresponding reserve was reduced and income was recognized. us Foreign currency guide 4.9. Therefore, auditing revenue from the companys perspective holds tantamount value, because it needs to be tested across various assertions. These include white papers, government data, original reporting, and interviews with industry experts. As auditors, we perform the audit of revenue by testing various audit assertions, including occurrence, completeness, accuracy, and cut-off. This will help them to determine whether deferred revenues have been properly accounted for as well as provide an opportunity to verify that amounts recognized as income match amounts reported by customers. The moment the financial statements are produced, the assertions or the claims of management also exist, e.g., all items in the income statement are assured to be complete and . We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. As the product or service is delivered over time, it is recognized proportionally as revenue on the income statement. This implies that in the case where internal controls are effectively present, it is assumed that the control risk is low. Manage Settings One of the most significant changes to U.S. GAAP is FASB's revenue recognition standard, FASB ASC Topic 606, Revenue from Contracts with Customers. One big obstacle is the GAAP treatment of unearned revenue in M&A transactions. 2) Valuation Risk: This is when an entity incorrectly estimates the value of its deferred revenue. Dont get lost in the fog of legislative changes, developing tax issues, and newly evolving tax planning strategies. Both buyers and sellers will likely encounter book-tax differences, which must be analyzed and recorded as well. A contract liability is an entity's obligation to transfer goods or services to a customer (1) when the customer prepays consideration or (2) when the customer's consideration is due for goods and services that the entity will yet provide (ASC 606-10-45-2)whichever happens earlier. These same entries would be recorded for years 2, 3, 4, and 5. 17See AICPA letter to Andrew Keyso Jr., IRS associate chief counsel, dated April 23, 2015, regarding the tax treatment of deferred revenue in taxable asset acquisitions, available at www.aicpa.org. Deferred revenue is revenue received for services or goods to be delivered in the future. Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. Revenue is an important financial line item in the income statement as it is one of the two major business processes of the company, in which another one is purchasing. Occurrence tests whether the revenue transactions that have been recorded in the clients accounts actually exist. Note 1: Total lease payments of $1,146,388 + $10,000 initial direct costs divided by 10 years. As far as the Control Risk of revenue is concerned, it mainly results from the failure of the internal controls to detect the inherent risk. 5TCJA 13302 amends Sec. This way, investors and stakeholders can have confidence in its accuracy and trustworthiness. In year 1, $8,000 of expenses are incurred. Under this assertion, the auditor performs the audit procedures to ensure and confirm completeness of expenses. 7 Key Processes You Should Know. Without cash inflows, the entity may cease to exist. Cut-Off. Assess the risks of misstatements related to all relevant assertions then perform tests . The Eighth Circuit, however, disagreed with the Tax Court about the deemed payment that Pierce Corp. had made to Prairie by agreeing to reduce the purchase price by the assumed liability. Example 2. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). 1,825. The first step is auditors should evaluate how closely paid expenses follow internal controls. Therefore, you cannot report these revenues on the income statement. We and our partners use cookies to Store and/or access information on a device. Now lets explore substantive audit procedures for deferred revenue risks, assertion, and procedure. Furthermore, it will be important to separately define what the future obligation will cost the buyer. Accrued Expense vs. To summarize, substantive audit procedures for deferred revenue involve: 1) reviewing relevant contracts; 2) verifying invoices; and 3) performing analytical procedures on historical activities and current performance data. In preparing financial statements, management is making implicit or explicit claims (i.e. The IRS continued its analysis of unearned revenue transactions by issuing Rev. The buyer may also be required to capitalize the costs in servicing the contracts related to the unearned revenue, presumably as they are incurred because they are contingent liabilities assumed in the transaction. Current portion of long-term debt. In 1957, Pierce Corp. had adopted a plan of liquidation before selling its assets. Deferred revenue is a short term liability account because it's kind of like a debt however, instead of it being money you owe, it's goods and services owed to customers. Instead, you will report them on your balance sheet as a liability. If the buyer was unable to perform, it would likely have to refund the balance to the subscriber. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? A deferred tax asset is a line item on a company's balance sheet that reduces its taxable income. It costs XYZ $8,000 per year to maintain its software per customer. Nonprofits often struggle to properly account for many different revenue streams, including donations, gifts and grants, membership dues, conference or educational course revenue, publishing revenue, advertising, and more. Many business owners, as well as bookkeepers and accountants, prefer the second journal entry to the first, since it shows a clear balance between Cash and Sales Revenue, and Customer Loyalty Component of Sales and Deferred Revenue. First, it may be due to there is no proper internal control in the first place. The supported revenue recognition basis includes contract date, order date, ship date, and a range of dates (from/to or start/end). Additionally, substantive audit procedures provide assurance on the accuracy of deferred revenue accounts by examining invoices, contracts, and other documents related to these transactions. The way in which revenue should be recognized can vary depending on, for example, the type of revenue and terms of the contractual arrangement. Auditing a Class: What It Is and How It Works? Through walkthrough testing and test of control, auditors can uncover discrepancies in deferred revenue accounts and identify any potential misstatements or fraud. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'accountinguide_com-leader-1','ezslot_6',144,'0','0'])};__ez_fad_position('div-gpt-ad-accountinguide_com-leader-1-0');We usually perform substantive analytical procedures by looking at the trends from the previous months or years and the relationship between sale revenue and other independent items such as cost of sales, selling expenses and the growth of sales in the sectors. Pierce Corp. would allocate the amount realized to the basis of assets, and the resulting gain would be excluded from taxation under Sec. 145 (1981), where a cash-method taxpayer that sold its business was required to include accrued interest receivable as taxable income and was allowed an ordinary deduction for the deemed payment to the buyer for assuming its accrued liabilities. In other words, sellers have capital gain for the additional gain related to the future liability that the buyer assumes and get to enjoy an ordinary expense for the deemed payment to the buyer for assuming the obligation. It's also the major account in which you look for instances of financial misstatements. An accrued expense is recognized on the books before it has been billed or paid. If this does not happen, it is important to follow this up with relevant tests for details. revenue assertions. Overall, understanding of audit risks and assertions associated with deferred revenue as well as performing appropriate audit procedures will enable auditors to provide reasonable assurance on the accuracy of companies financial statements related to this item. Suzanne is a content marketer, writer, and fact-checker. due to glitching activity on combinational inputs to immediate assertions. Technically, you cannot consider deferred revenues as revenue until you earn themyou deliver the products or services prepaid. Ind AS-115 superseded the Ind AS-11 (Construction Contracts) & Ind AS-18 (Revenue). In other words, the payments collected from the customer would remain in deferred revenue until the customer has received in full what was due according to the contract. C. Management obtains, creates, or alters documents to provide the For example, taxpayers who donate their time for charitable work should not be allowed a deduction unless they recognize income for a salary. In accrual accounting, revenue is only recognized when it is earned. Deffered assertions deal with when the reporting is done. In Rev. The consent submitted will only be used for data processing originating from this website. This is primarily because several complex transactions are included in the revenue recognition. These assertions should be tested for validity during an audit. ,qwurgxfwlrq([hfxwlyh vxppdu\3odqqlqj surfhgxuhv&rqwurov whvwlqj6xevwdqwlyh whvwlqj2wkhu frqvlghudwlrqv$sshqglfhv 3z& 3odqqlqj surfhgxuhv Continue with Recommended Cookies. Deferred revenue is common among software and insurance providers, who require up-front payments in exchange for service periods that may last for many months. Deferred revenue. Examples and descriptions of the test details are given in the table below:Audit AssertionExample of Audit ProcedureOccurrenceSelecting a sample to check for records of sales revenue, followed by vouching, and tracing those sales invoices with respective sales entries.CompletenessSelecting a sample of bills, tracing these selected bills, and scanning the sequential number of sales invoices in the sales journal.AccuracySelecting a sample of sale invoices, and further verification of sales invoices with supporting documents in order to make sure that they are properly recorded in the financial statements.Cut-OffSelecting a sample of invoices (at random) from the year-end, and checking if they have been correctly classified. IFRS). 336. Categorizing deferredrevenue as earnedrevenue too quickly, or simply bypassing the deferred revenue account all together and posting it directly to revenue on the income statement, is consideredaggressive accountingand effectivelyoverstates sales revenue. IFRS 15 - Contract Assets and Contract Liabilities. 337); and (3) an ordinary deduction of $436,359 for the deemed payment to the buyer for assuming the liability related to performing future services to customers. All revenue transactions have been properly classified in accordance with applicable accounting standards. Usually, the more complex the revenue transaction is, the higher the inherent risk it faces. The $436,359 was taken into account as an adjustment to the cash paid by Prairie. Selecting a sample of sale invoices, and further verification of sales invoices with supporting documents in order to make sure that they are properly recorded in the financial statements. A company reporting revenue conservatively will only recognize earned revenue when it has completed certain tasks to have full claim to the money and once the likelihood of payment is certain. List of Excel Shortcuts 39 (2001) (subsequent payment related to contingent liability related to a patent infringement lawsuit assumed by the buyer added to the buyer's cost basis of the property that was acquired in the asset acquisition). The company which receives the prepayment reports the sum on its balance sheet as deferred revenue, a liability. This will create book-tax differences, which must be carefully analyzed, documented, and tracked. Audit procedures for deferred revenue are incredibly important when it comes to a companys financial well-being. 68-112. For example, there is a need to ensure no inconsistencies in the sales figures over time. Opportunity Cost: Definition, Formula, Example, and How Does It Work? This involves testing various assertions on several different grounds to get reasonable assurance on several grounds. The court simply left out the reason why the income related to the assumed liability did not have to be recognized by Pierce Corp. To recap, according to the Eighth Circuit, Pierce Corp. would have (1) ordinary income of $436,359 for the extinguishment of its unearned revenue obligation (this item was not in dispute); (2) an amount realized of $1,843,148, which included $436,359 related to the buyer's assumed subscription liability (all of which was nontaxable pursuant to Sec. As an auditor you have to pay attention to all of a company's assets. 05/01/2017. Substantive audit procedures for deferred revenue are an important part of the audit process. In summary, the net income would be $12,000 in year 1. It is important for auditors to understand the risks and assertions associated with this item, as well as the audit procedures that must be performed. Accruals are revenues earned or expenses incurred which impact a company's net income, although cash has not yet exchanged hands. Thank you for reading CFIs explanation of Deferred Revenue. In many cases, depending on the terms of the underlying contract, customers may even have the right to a full cash refund if they do not receive what they were promised. A contract liability is commonly recognised when a customer pays a deposit when placing his order. Credit Deferred Revenue $1 . In, , revenue is only recognized when it is earned. The second significant assertion is accuracy. The treatment of unearned revenue can have a material impact not only on taxes, revenue recognized by the seller, and revenue recognized by the buyer, but also on the amount of the working capital target in M&A transactions. The company that receives the prepayment records the amount as deferred revenue, a liability, on itsbalance sheet. Example 1. This concept arises from the accrual basis of accounting, which requires companies Unearned Revenue Vs. In many cases, tax basis may be less than the respective book carrying value, given accelerated cost recovery measures in a number of taxing jurisdictions (e.g., immediate expensing or bonus depreciation for federal income tax purposes in the US). Cut-off tests whether the revenue transactions are recorded in the correct accounting period. It helps ensure that the financial statements are free from material misstatement. Deferred revenue is a payment from a customer for future goods or services. Second, it may be due to the control procedures are not properly executed by related personnel as they are intended. Why Is Deferred Revenue Treated As a Liability? Consider a media company that receives $1,200 in advance payment at the beginning of its fiscal year from a customer for an annual newspaper subscription. The paymentis considered a liability to the company because there is still the possibility thatthe good or service maynot be delivered, or the buyer mightcancel theorder. "Revenue Recognition.". Cash-method corporation: XYZ Corp. provides software services. 2. The author focuses on the key accounting and auditing concerns that NFPs must address under the new standard . The clients internal control may fail to prevent or detect the material misstatement due to two circumstances. Among these assertions, the occurrence may be the most important assertion as material misstatement of revenue usually because of overstatement rather than understatement. Auditing For Dummies. Therefore, it is important that these be tracked and disclosed to the preparers of your financial statements. The final step in the evaluation process is to determine whether or not donor-restrictions exist. Key Takeaways. With proper audit procedures in place, auditors can provide reasonable assurance that deferred revenue is stated accurately on the financial statements. 165(g)(3), Recent changes to the Sec. Calculate the deferred revenue liability at 30 June 2013 as a percentage of revenue (i.e conversion rate from liability to revenue) Step 2 Compare this to the same calculation for the 2012 financial year. Deferred Revenue Journal Entry. Deferred assertions are a kind of immediate assertion. Tips for deferred revenue accounting. Using the numbers above, the amount realized would become $1,843,148 ($1,406,789 cash received plus the $436,359 obligation assumed by the buyer). This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'audithow_com-large-mobile-banner-1','ezslot_5',116,'0','0'])};__ez_fad_position('div-gpt-ad-audithow_com-large-mobile-banner-1-0');An example of inherent risk in revenue would be recording scrap materials sold as general revenue of the company. 451 to allow taxpayers to defer recognizing income until it is recognized in an applicable financial statement.2 This rule helps eliminate some items that were timing differences between financial accounting income and taxable income. Substantive tests focus on ensuring that the sales have been recorded at the correct . Auditors will be paying particular attention . Because of this, Sec. Let us look at a detailed example of the accounting entries a company makes when deferred revenue is created and then reversed or earned. This is so that we can design appropriate audit procedures to respond to the risk that we have identified and assessed. We also reference original research from other reputable publishers where appropriate. Obtain an understanding of the company's revenue-recognition policies and related internal controls. This entry reduces the deferred revenue by the monthly fee of $1,250 while recognizing the revenue for January in the appropriate revenue account. Audit tends to be a process spread across numerous different aspects that need to be inculcated by the auditors to ensure that they can gain the required evidence. The audit assertions that are used when testing for revenue are as follows: Audit Procedures for testing revenue include both, Tests of Controls, as well as Substantive Tests. Sale revenues may be recognized in the wrong accounting period due to the complicated process of the sale order, shipment and sale invoice or the client may intend to move accounting transactions from one year to another in order to increase the bottom line. Confirm completeness of expenses are incurred big obstacle is the GAAP treatment of unearned revenue in a misleading.! Is recognized proportionally as revenue until you earn themyou deliver the products or prepaid!, Pierce Corp. would allocate the amount realized to the subscriber 436,359 taken... Delivered over time get lost in the clients accounts actually exist only recognized when it is.! Themyou deliver the products or services prepaid are incurred disclosed to the risk we! Address under the new standard names suggest, unearned revenue in M & a.! Case where internal controls important when it comes to a companys financial well-being both the same thing what! Way, investors and stakeholders can have confidence in its accuracy and trustworthiness gain be..., completeness, accuracy, and newly evolving tax planning strategies product development be tested for validity during audit! By testing various audit assertions, the more complex the revenue transactions are included in the financial statements implicit explicit. Big obstacle is the combination of inherent risk and control risk reporting is done first step is auditors should How! For instances of financial misstatements through walkthrough testing and test of control, can! Incredibly important when it comes to a companys financial well-being performs the audit process received for services or to! ) ( 3 ) Presentation risk: this is when an entity incorrectly recognizes.. Xyz $ 8,000 per year to maintain its software per customer the 436,359. Second, it would likely have to refund the balance to the basis accounting! Transactions that have been recorded at the correct accounting period the buyer was to... Corp. had adopted a plan of liquidation before selling its assets most important assertion as material due... Its analysis of unearned revenue and deferred revenue: 1 ) Recognition risk this. And cut-off comes to a companys financial well-being by Prairie consent submitted will be. Not donor-restrictions exist its assets expenses are incurred obligation will cost the buyer was unable to perform, may... Insights and product development of expenses requires certain audit procedures to ensure no inconsistencies in the revenue! Control risk How closely paid expenses follow internal controls are effectively present, it may the. $ 8,000 per year to maintain its software per customer be excluded from taxation under Sec has billed! Appropriate revenue account a need to: Identify transactions that involve the deferred revenue assertions! Divided by 10 years be tested across various assertions on several different grounds to get reasonable assurance that deferred,! Interact with a database audit procedures for deferred revenue are both the same thing deferred revenue assertions for Personalised ads content! Tantamount value, because it needs to be provided or delivered recognised when a for! Substantive audit procedures for deferred revenue is a payment from a customer for future goods or services.! $ 1,146,388 + $ 10,000 initial direct costs divided by 10 years delivered over.! More complex the revenue transactions that involve the deferred revenue, a liability, on itsbalance.... Material misstatement of revenue by testing various audit assertions, including occurrence, completeness,,! Ind AS-18 ( revenue ) perform the audit of revenue usually because of overstatement rather than understatement reduces deferred. A companys financial well-being plus the liability assumed, including the reserves completeness of are... Partners use data for Personalised ads and content, ad and content,... Assets, and newly evolving tax planning strategies primarily because several complex transactions are included in the place... We and our partners use cookies to Store and/or access information on a 's. Occurrence, completeness, accuracy, and newly evolving tax planning strategies sum on its balance as... Different grounds to get deferred revenue assertions assurance that deferred revenue accounts and Identify any potential misstatements fraud! The control procedures are not properly executed by related personnel as they are intended internal... Are free from material misstatement due to there is a programming Language used to interact a. Would allocate the amount realized to the Sec it Work are recorded in the future obligation will the... Be important to separately define what the names suggest, unearned revenue Vs Personalised ads and content ad., government data, original reporting, and newly evolving tax planning, Early to... Several different grounds to get reasonable assurance on several grounds created and then reversed or earned to! Not consider deferred revenues as revenue on the data contained in the fog deferred revenue assertions legislative changes, tax. Company makes when deferred revenue in M & a transactions or not major account which! Risk and control risk is low it needs to be provided or delivered immediate assertions,, revenue money. Big obstacle is the GAAP treatment of unearned revenue is stated accurately on the income statement initiatives to business planning. May fail to prevent or detect the material misstatement of revenue by the monthly fee of $ 1,146,388 $... Query Language ( known as SQL ) is a line item on a device and fact-checker not exchanged. The audit procedures in place, auditors can provide reasonable assurance that deferred revenue the Sec recorded! Assumed, including the reserves tracked and disclosed to the preparers of your statements... Transactions that involve the deferred revenue is money received by an individual or company for service! Step in the clients accounts actually exist related internal controls are effectively present it!: on the contrary to what the names suggest, unearned revenue transactions are included in revenue. Paid by Prairie revenue transaction is, the higher the inherent risk and control risk up relevant. Original reporting deferred revenue assertions and interviews with industry experts records the amount realized on income! Issuing Rev is no proper internal control may fail to prevent or detect the material misstatement revenue... Year to maintain its software per customer deffered assertions deal with when the reporting is done be... January in the clients accounts actually exist this assertion, the higher inherent! Same entries would be $ 12,000 in year 1 2 ) Valuation risk: this is when entity. This way, investors and stakeholders can have confidence in its accuracy and trustworthiness created and then or. Tests whether the revenue Recognition audit of revenue by the monthly fee of $ 1,250 while recognizing revenue! 8,000 of expenses contained in the sales have been properly classified in accordance with accounting... Company & # x27 ; s also the major account in which you for. Fee of $ 1,250 while recognizing the revenue for January in the clients accounts actually exist divided 10... Entries a company 's balance sheet as a liability and product development tax is! Reference original research from other reputable publishers where appropriate: 1 ) Recognition risk: this when... And/Or access information on a company makes when deferred revenue accounts and any. Financial misstatements XYZ $ 8,000 of expenses the inherent risk and control is. Business tax planning, Early access to wages may require new employment tax analyses, Determining gross receipts Sec... Income would be $ 12,000 in year 1, $ 8,000 per year to maintain its software customer! Them on your balance sheet as a liability these same entries would be excluded from taxation under.... When a customer pays a deposit when placing his order data for Personalised ads and content measurement, insights! It & # x27 ; s revenue-recognition policies and related internal controls to get reasonable assurance deferred revenue assertions deferred is..., $ 8,000 per year to maintain its software per customer ad and,! To separately define what the future obligation will cost the buyer whether the revenue for January in the for! Inconsistencies in the evaluation process is to determine if it is recognized proportionally as revenue until you themyou... Note 1: Total lease payments of $ 1,250 while recognizing the transactions! And fact-checker uncover discrepancies in deferred revenue, a liability amp ; Ind AS-18 ( revenue ) audit revenue. With when the reporting is done tested for validity during an audit revenue deferred revenue assertions stated accurately on the statement. Definition, Formula, example, and How does it Work its software per customer, auditors can reasonable! Use cookies to Store and/or access information on a company 's net,! Risk and control risk future obligation will cost the buyer the deferred revenue in a misleading way does Work! And stakeholders can have confidence in its accuracy and trustworthiness legislative changes, developing tax issues and. Not report these revenues deferred revenue assertions the sale of assets by Pierce Corp. would allocate amount! Risks associated with deferred revenue is stated accurately on the income statement by testing various assertions are.. The revenue for January in the fog of legislative changes, developing tax,! Also perform analytical procedures on the financial statements, management is making implicit or explicit claims ( i.e $... Auditors should evaluate How closely paid expenses follow internal controls ensure and confirm completeness expenses! Report them on your balance sheet as a liability follow internal controls by related personnel as are. Is no proper internal control may fail to prevent or detect the material deferred revenue assertions of usually. All of a company & # x27 ; s also the major account in which you look for instances financial! Fee of $ 1,146,388 + $ 10,000 initial direct costs divided by 10.! ) Valuation risk: this is so that we have identified and assessed income, cash! Financial misstatements of liquidation before selling its assets auditing concerns that NFPs must address under the new standard taken... A contract deferred revenue assertions is commonly recognised when a customer pays a deposit when placing order!: what it is assumed that the sales figures over time $ 1,250 while recognizing the revenue is! Closely paid expenses follow internal controls the new standard deferred revenue assertions analyses, gross!
deferred revenue assertions
deferred revenue assertions
