According to the case‚ it shows that management of M determined that a loss would be “probable” and the estimate range would be $15 million to $20 million. However‚ they determined $17 million would be the “most likely” amount of loss. According to ASC 450-20-25-1‚ “When a loss contingency exists‚ the likelihood that the future event or events will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. As indicated in the definition of contingency
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relate to forecasted transactions where the effective portions of the hedge is initially reported in other comprehensive income and are later reclassified into earnings any portion of the hedge that is ineffective is reported currently in earnings (FASB ASC 815-30‚ 2010). Fair value hedges can be associated with
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In this situation I would argue that ASC 730-20 is applicable. Pharmagen is entering into an agreement with PEI (investors) on a contractual basis to provide services and an option to acquire the results of the R&D (FASB 68). Pharmagen retains all ownership rights to the development of X. It also states that in R&D arrangements the entity (in this case Pharmagen) usually has an option to either purchase the partnership’s interest (PEI) or to obtain the exclusive rights to the entire results in
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course of action for a patient with ALS is physical therapy and‚ if their budget allows‚ cell replacement therapy. However there is presently no cure and the patient will eventually have respiratory problems and die from the disease. Adult stem cells (ASCs) and blastocyst or embryonic stem cells (ESCs) are being used to treat amyotrophic lateral sclerosis in cell replacement therapy‚ yet this only slows the degeneration of their neurons (Goldman‚ Windrem‚ 2006). Research for both adult stem cell and
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alternatives for the same circumstances (ASC 605-35-25-1).” LabCo agreed to build a six-axis laser-cutting machine for Halibut. The contract entered into was a fixed price contract. A fixed price contract is‚ “An agreement to perform all acts under the contract for a stated price” (ASC 605-35-15-4). LabCo decided to use the percentage of completion method for recognizing income. “The percentage of completion method recognizes income as work on a contracts progress” (ASC 605-35-25-51). Income recognized
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Hitzig Case 09-2 Pharmagen 1. Since there is no obligation to the nonrefundable repayment of the $500 million of funding and Pharma retains intellectual rights (no financial risk for Pharma as per ASC 730-20-25-4)‚ it can be seen as a Research and Development and expensed as incurred according to ASC 730-20-35-1 because no future service can be made. The funding for product X is specified by the investor to be used only for R&D of product X which is not commercialized and not for a future project
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Impairment or Financial reporting disposal of longdevelopments lived assets Revised October 2011 To our clients and other friends ASC 360-10‚ Impairment and Disposal of Long-Lived Assets (ASC 360)‚ provides accounting guidance for impairments of assets that are held for use‚ held for sale and to be disposed of by other means. In one of its more challenging aspects‚ ASC 360-10 requires the use of fair value measurements for impairment of assets that are unique and not widely traded. The following publication
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effect on current earnings and will need to be reported properly in their 2007 Income Statement. AWI must report this continuing activity properly under US Generally Accepted Accounting Principles (GAAP). The FASB Accounting Standards Codification (ASC)‚ commonly known as GAAP has specific standards that must be followed in order to classify the disposal of an entity as discontinued or continues operation of a component of an entity. Under the guidance of numerous ASC’s‚ AWI does not meet the two
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Ambulatory surgery centers (ASCs) are seeing an uptick in activity in recent years‚ as procedures have shifted from hospital inpatient‚ to hospital outpatient - now ASCs. According to Becker’s ASC Review‚ numerous reasons exist for the transition‚ including patient and provider convenience and cost-savings‚ high-quality outcomes‚ and technology that enables sophisticated ambulatory surgery procedures. Shutterstock Image #6502933 ---- Alt Text: Ambulatory Surgery procedures improve in quality ----
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HasSpace NeedsLease is renting a space for its corporate office from HasSpace by entering into a lease agreement. The agreed lease term is for 10 years and there is no option to renew nor is the ability to negotiate renewal of the term. According to ASC 840 (5F of statement 13)‚ the lease is classified as operating lease. The agreement includes two provisions that may require NeedsLease to perform certain activities at its cost. The first provision requires that the lessee‚ NeedsLease‚ may have to
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