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mikebadj

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Can an expense reimbursement be classified as revenue? If so which FASB statement confirms this? Thanks?


This is just a tough accounting question, I am setting here at the office trying to do some research on this subject and am not able to find it, so I was hoping that a CPA or someone with accounting knowledge can help. We have some reimbursement coming in that the company is wanting us to classify as revenue, but we have to find the FASB statement that allows us to do that.
Please help me out if you can.
Thanks
Just for clarification, this is an expense reimbursement contract, and some of these expenses are disallowed causing a net loss for the year. Is any more information needed?
Thanks

538 day(s) ago

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MDcpa05 		need some more info on what are those expense reimbursements are for

It depends on what type of industry and the nature of expense you are referring to. For example, you are a firm that is usually contracted by a client to perform services to them (e.g., marketing, research and development). These expense reimbursements (which should have a mark-up on them) will be recognized as revenue. However, if these are expenses incurred on behalf of the party paying (which is dollar is to dollar) these are classified as receivables to the 3rd party and not revenue.

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janetmok 		If it is a dollar for dollar allowed expense, no.

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Question Title Can an expense reimbursement be classified as revenue? If so which FASB statement confirms this? Thanks?
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