allow a sale if the fixed price received for the repurchased receivable is a fair value for the price of the receivables at the time of the sale. The following are examples of the application of effective control principles for sale accounting: ASC 860-10-55-31: Judgment is necessary to determine whether a requirement to obtain the transferor’s permission to sell or exchange should preclude sale accounting. For example‚ in certain loan participation agreements involving transfers of participating
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in the ASC? According to the Notice to Constituents (v4.7)‚ the “topics” used in the ASC includes General Principles (Topic Codes 105-199)‚ Presentation (Topic Codes 205-299)‚ Assets (Topic Codes 305-399)‚ Liabilities (Topic Codes 405-499)‚ Equity (Topic Codes 505-599)‚ Revenue (Topic Codes 605-699)‚ Expenses (Topic Codes 705-799)‚ Broad Transactions (Topic Codes 805-899)‚ and Industry (Topic Codes 905-999). e. Are SEC references included in the ASC? SEC references are included in the ASC. According
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Per your request‚ our group conducted research to determine whether costs or potential costs of the provisions of Big Bear Power’s lease of Goliath Co’s combustion turbine should be included in its minimum lease payments. We have provided a summary of the facts‚ our conclusion‚ the basis for our conclusion‚ and an analysis of possible alternatives to our conclusion as requested. Summary of the Facts Big Bear Power (the Company)‚ a public utility company‚ is leasing a combustion turbine from
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Situation Overview Discussion Points Options Recoverability Test: Accounting Guidance Impairment Loss Calculation: Accounting Guidance Additional Accounting Guidance Recoverability Test and Calculation of Impairment Loss Alternative Analysis Summary and Recommendations Appendix Operates one cruise ship that is financed with nonrecourse debt. Decline of 30% in cash flow due to presence of pirates. Financial position as of December 31‚ 2010 ($ in millions) • • • • • Cruise
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An unconscious person will die without constant care. Yet‚ as crucial as consciousness is‚ we can’t really explain how it occurs. On the other hand‚ we can identify various states of consciousness and explore the role they play in our lives. This is especially true of sleep and dreaming‚ two states that psychologists have studied in detail. This first module introduces a number of altered states of consciousness and provides a guided tour of sleep and dreaming. To be conscious means to be aware
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benefits if employees are terminated.” The December 31‚ 2005 in this case is the date that all employees were e-mailed of plan’ terms‚ which therefore should be treated as communication date. 2. One-time Employee Termination Benefits. According to ASC 42010-25-4‚ “An arrangement for one-time employee termination benefits exists at the date the plan of termination meets all of the following criteria and has been communicated to employees (referred to as the communication date): a. Management‚ having
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the resource provider. The term contribution revenue is used to apply to transactions that are part of the entity’s ongoing major or central activities (revenues)‚ or are peripheral or incidental to the entity (gains). CE 10-2 According to FASB ASC 835-20-15-8 (Capitalization of Land Expenditures)‚ it
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Describe what you believe is implied by the term “engagement risk.” What are the key factors likely considered by Deloitte and other audit firms when assessing engagement risk? How‚ if at all‚ are auditors’ professional responsibilities affected when a client proposes a higher than normal degree of engagement risk? I believe that the term “engagement risk” implies that inherent client-specific risks face an auditor throughout the course of an audit‚ thus creating a risk that the auditor will be
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New Installation Options for a HighAvailability SAP System Based on SAP NetWeaver 7.1 Including EHP1 (7.11) in a Microsoft Cluster Applies to: SAP systems based on SAP NetWeaver 7.1 including EHP1 (7.11) and higher. Summary As of SAP NetWeaver 7.1 including EHP1 (7.11)‚ and higher‚ SAP has adapted the installation procedure for a high-availability system on Windows Microsoft Failover Clustering to make it easier and less error-prone for customers. This document shows the new features and
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future cash flows to be derived from the asset on an undiscounted basis” (FASB‚ ASC 360-10). In the Property Solutions Inc. case‚ the carrying value of the building on 10/1/2017 was $1‚650‚000 and the expected future cash flows are $1‚214‚940. Per the definition of impairment loss stated above‚ the asset is impaired. In calculating the loss‚ we must compare the carrying value to the fair value of the asset. Under both ASC 820-10 of the FASB codification and SFAS No. 157‚ fair value is defined as “The
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