Reclassified revenue from McGraw-Hill Education
Reclassified in accordance with Emerging Issues Task Force Issue 00-10, “Accounting for Shipping and Handling Fees and Costs”
- Revenue reported in 2004 increased $62.5 million
- Revenue reported in 2003 increased $62.5 million
Before
- We had netted in operating expenses for the shipping and handling costs with the payment of these services from the customers
After
- We must show the amounts received from the customer as revenue instead of netting against the shipping and handling costs