[Verse 1] When governments collect their dues, the question's always when Recording revenue requires more than just the pen Income taxes earned but not yet in the vault Accrual principles demand we recognize without fault Property assessments levied on December's end Though cash arrives in quarters, revenue we must defend [Chorus] SAIL through recognition, never let it slide Substantive transactions, Authorized with pride Imposed by law and measured, Legally enforceable too SAIL keeps revenue flowing exactly when it's due Match the period earning with the period it's shown Tax revenue recognition, claim what government's owned [Verse 2] Sales tax collected at the register each day Point of sale triggers when we book without delay But income tax withholdings paint a different scene Employer deductions create a timing scheme December thirty-first salary means withholding's earned Even if remittance waits for forms to be returned [Chorus] SAIL through recognition, never let it slide Substantive transactions, Authorized with pride Imposed by law and measured, Legally enforceable too SAIL keeps revenue flowing exactly when it's due Match the period earning with the period it's shown Tax revenue recognition, claim what government's owned [Bridge] Property tax billing spans the fiscal year Twelve months of service, allocation crystal clear Exchange transactions differ from the non-exchange Revenue without giving goods creates a range Measurable and available, two tests we apply Government fund accounting makes the timing fly [Verse 3] Penalties and interest accrue with time's passage Late filing fees accumulate despite taxpayer's damage Revenue recognition can't wait for cash collection Earned means recorded under accrual's direction Modified accrual says available within sixty days Current period resources guide the recognition ways [Final Chorus] SAIL through recognition, never let it slide Substantive transactions, Authorized with pride Imposed by law and measured, Legally enforceable too SAIL keeps revenue flowing exactly when it's due Match the period earning with the period it's shown Tax revenue recognition, claim what government's owned [Outro] From income tax to property, sales tax to fees Recognition principles unlock the mysteries When the taxable event occurs, that's when we record Government revenue recognition, following the accord
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