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Dear Accountant, I would like to check with the GAAP

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Dear Accountant, I would like to...
Dear Accountant,
I would like to check with the GAAP standard about the deferred revenue. For example, assuming a school has the fiscal year ended June 30, 2016. If a school has a term from May 1 to July 31, 2016, and receive all tuition of $10,000 in advance. Is is possible if the management to recognize the 100% of the fees received of $10,000 in FY 15-16 because the school term includes the period from May 1 to June 30, 2016? Or we must prorate and classify part of the cash receipts as deferred revenue, according to the GAAP standard.
Thanks!
Submitted: 1 year ago.Category: Tax
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Answered in 4 hours by:
10/14/2016
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 1 year ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Tax Professional: Megan C, Certified Public Accountant (CPA) replied 1 year ago

This depends on if the taxpayer is cash basis or accrual basis for tax purposes. They can still have accounting using GAAP and be a cash basis taxpayer; If it's a school, more likely than not they will be accrual basis and will record revenues when earned. Also, the tax and book year end can be different so that comes into play as well.

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