Buying or Renting One important aspect in our live is that we need shelter. A place to call home. What type of person are we? Do we move around a lot? Are we looking for stability? Do we buy a house or do we rent? This is where a person often decides based on their personal needs. Renting or Buying is simply weighing out the pros and cons‚ and comparing them to your lifestyle‚ then deciding. Buying a house requires a lot focus of and attention. Buying a house means you plan to settle down and stay
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Discuss the western European kingdoms (c.450-1066) and the Ummayad Caliphate were both ultimately successors of Rome. The collapse of the Roman Empire brought huge problems within it’s territories. Roma was actually divided into two; one in eastern part Constantine took over as emperor (312 AD) and maintained the aouthority under the Orthodox mission until the conquest of the Constantino polis.(1453 AD) While western Roman empire wouldnt last no longer and in a quite short amount of time they came
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2010 that there might be a change in liability in the near term. However‚ recording the reduction should be done in 2011. AUTHORITATIVE AND INTERPRETIVE GUIDANCE CONSIDERED Refer to FASB no. 5 Refer to ASC 275-10-50 (Use of estimates in the preparation of financial statements) Refer to ASC 450-20-05 (Overview and background of loss
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Scenario 1 Energy Inc. has a present obligation (IAS 37-17) and probable liability (ASC 450-20-25-2) on December 31‚ 2011 as a result of a past event‚ the contamination of the land‚ because it is virtually certain that a draft law requiring cleaning up will be enacted. It is probable (more likely than not) that Energy Inc. will be required to transfer economic benefits in settlement which is an outflow of resources embodying economic benefits in settlement (IAS 37-23). The amount of the obligation
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subject to recall product costs‚ until the warranty period has expired (3 years) for all campaigns. 4. Neutral Discussion of the Major Alternatives‚ Citing Relevant Authoritative Literature and Theoretical Concepts Alternatives A-C Support: ASC 450-20-25-2: Contingent Liability Requirements “An estimated loss from a loss contingency shall be accrued by a charge to income if both […] conditions are met: a. Information available before the financial statements are issued […] indicates
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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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comments on Danle’s notes to 10-Q for the 1st quarter of 2010; 3) SEC’s comments on Danle’s notes to 10-K for year 2010. 1) The conclusion reached by Danle to omit disclosure relating to the class-action litigation is not appropriate. According to ASC 450-20-50-5‚ “Disclosure shall be made of those contingencies for which there is a reasonable possibility that a loss may have been incurred even though information may not indicate that it is probable that an asset had been impaired or a liability had
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as the Company has cleaned up contaminations in other countries in which it operates. As a result‚ Energy should recognize a provision. (ii) Under U.S. GAAP‚ Energy should recognize a loss for the cleanup costs in its 20x1 financial statements. ASC 450-20-25-2 provides that “an estimated loss from a loss contingency shall be accrued by a charge to income if (a) information available before the financial statements are issued indicates it is probable that a liability had
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was the most likely amount of loss within the range. Per 450-20-55-32 through 35‚ “Case D: Range of Loss and One Amount is a Better Estimate than Any Other 55-32 Assume that in Case A and Case B that condition in paragraph 450-20-25-2(a) has been met and a reasonable estimate of loss is a range between $3 million and $9 million but a loss of $4 million is a better estimate than any other amount in that range.” “55-33 In this Case‚ paragraph 450-20-30-1 requires accrual of $4 million.” In this case‚
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Professional Pronouncements ASC 450‚ Contingencies (ASC 450) ASC 605 -10 -S99‚ Revenue Recognition: Overall: SEC Material (ASC 605 10 - S99) (formerly SEC Staff Accounting Bulletin Topic 13.A.3(c)‚ Question 2‚ “What factors should be considered in the evaluation of whether a remaining obligation related to a unit of accounting is inconsequential or perfunctory? ” (Quest ion 2 of SAB Topic 13.A.3(c)) ) ASC 605 -20‚ Revenue Recognition: Services (ASC 605 - 20) ASC 605 -25‚ Revenue Recognition:
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