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Revenue Recognition Daily Rate

I'm trying to find a source that explicitly states straightlined revenue needs to be done on a daily rate.  Any help would be appreciated.  I'd prefer something authoritative (FASB or SEC), though an accounting firm article or guide would be helpful as well. 

Thanks,

Answers

Topic Expert
Doug Thompson
Title: Director of Revenue
Company: Castlight Health
(Director of Revenue, Castlight Health) |

I don't think you'll find it. I've been at companies where the auditor allowed software maintenance to be monthly, or mid-month convention, and elsewhere where the auditor required it to be allocated/amortized to a specific day. But if you're at a public company it's more likely it will need to be daily.

Topic Expert
J.D. Floyd
Title: Owner, CFO
Company: CFO Outsourcing Solutions, Inc.
(Owner, CFO, CFO Outsourcing Solutions, Inc.) |

My current client is transitioning into daily rev rec based upon virtual currency transactions. I have asked a similar question of PWC (client's auditor). When I get the guidance I can forward on. J.D. Floyd

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