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  3. during 2015, the company recognized revenue of $40

During 2015, the Company recognized revenue of $400,000 related to a single contract. The contract...

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Accounting

During 2015, the Company recognized revenue of $400,000 related to a single contract. The contract was for a service that was to be provided over a four year period starting on January 1, 2015 1. Is this change allowed? If so, is it a Change in accounting principle Change in accounting estimate Correction of an error in previously issued financial statements, or Change in reporting entity 2. In what Period should this be recognized (retrospective, current and/or prospective) 3. Is financial statement disclosure required?

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