Danle Corporation According to ASC 450-20-25‚ when a loss contingency exists‚ the likelihood includes three areas: probable‚ reasonably possible and remote. In ASC 275-10-50-8‚ the definition of the term reasonably possible means that the chance of a future transaction or event occurring is more than remote but less than likely. In the case‚ it is believed that Danle could potentially‚ but not probably be liable for a percentage of recovery in the claim‚ so we believe Danle’s loss contingency should
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Hemo-Tech Case Presentation Outline * 1 Myles Intro: Facts: * 1 Issues: Multiple Element Arrangement * How should revenue be allocated to each deliverable? * What sales price should be allocated to each deliverable? * How are deliverables defined? * 25-4 “A vendor shall evaluate all deliverables in an arrangement to determine whether they represent separate units of accounting. That evaluation shall be performed at the inception of the arrangement and as each
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Section-subsequent measurement (FASB ASC 330-10-35). During the SEC inquiry‚ Green
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José A Valdés 3 de octubre de 2013 Sem. De Contabilidad Prof. Alejandro Méndez Case 11-1 Polluter Corp Facts of Case: Polluter Corp is an SEC registrant and manufacturer household cleaning products. In the course of operations‚ Polluter Corp emits emission pollutants; The Company receives emissions allowances‚ (EAs‚) from the government for 2010 to 2030. Polluter Corp will upgrade their production facilities in 2014 in order to reduce their pollutants. Emissions Allowance
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revenue recognition criteria specified in the FASB’s conceptual framework that contain basic guidelines for revenue recognition. Based on these guidelines‚ revenue should not be recognized until it is realized or realizable and earned.（FASB ASC 605-10-25-3; FASB ASC 605-10-25-5）Recognition and Measurement in Financial Statements of Business Enterprises‚ paragraph 83(b) states that "an entity’s revenue-earning activities involve delivering or producing goods‚ rendering services‚ or other activities that
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Online: August 2013 229 230 Dutta‚ Caplan‚ and Marcinko most often some sort of social cause. Lefkofsky provided Mason
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Accountancy‚ or accounting‚ is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is reliable. The principles of accountancy are applied to business entities in three divisions of practical art‚ named accounting
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for by giving discounts on other items‚ however‚ Harvey asked for the information to be confidential and not to informed any accountant. • ASC- 330-10-35-10 states that lower-of-cost-or-market should be apply to the inventory when there is only one end product and when inventory items are balanced. Martin knew that their inventory is on an item by item basis. ASC also states that the impairment test must be applied consistently from year to year. • Edmonds asked martin to perform lower-of-cost-or
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under U.S. GAAP‚ include calculations‚ etc. + Pass off to Kathy/Chelsea to talk about Need space case. * Under US GAAP ASC 840-30 it would be treated as a capital lease * Lease term is> 75% of economic life * P.V. of MLP is > 90% of FMV of leased property * Record the asset and obligation at PV of MLP (ASC 840-30-30-1) * Depreciation- ASC 840-30-35-1 (a) and (b) gives guidance on how to depreciate when ownership transfers or not Under U.S. GAAP many things
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Determine the total considerations transferred. 2. The land and buildings should be recorded on the premise of “in-use” or “in-exchange”. 3. Determine the fair value recorded for the intangible assets. Applicable accounting pronouncement ASC 805-20-25 Business Combinations-Identifiable assets and liabilities and any non controlling interest-Recognition Recognition Conditions 25-2 To qualify for recognition as part of applying the acquisition method‚ the identifiable assets acquired
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