Joined: 13 Apr 2011 Location: United States
Online Status: Offline Posts: 71
Posted: 17 Apr 2011 at 17:17 | IP Logged
Another stumper:
If a theater sells non-refundable tix for a performance at future date, does this mean they have to defer all revenue even though buyer cannot claim it back?
Does this have to do w/ only realizing when earned?
Joined: 16 Apr 2011 Location: United States
Online Status: Offline Posts: 15
Posted: 17 Apr 2011 at 21:40 | IP Logged
Yes, even though the ticket is non-refundable, it represents income for that future performance. The income is unearned & deferred and is recognized when earned (after that performance).
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CMA 2011
North Carolina
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Topic: cpa-00799 Advance sale, non-return tix
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