lessor. Applicable Professional Pronouncements ASC 845: APB Opinion No. 29‚ Accounting for Nonmonetary Transactions (Opinion 29) ASC 840: FASB Statement No. 13‚ Accounting for Leases (Statement 13) FASB Technical Bulletin No. 88-1‚ Issues Relating to Accounting for Leases (Technical Bulletin 88-1) 09-2 Pharmagen . Answer the questions that are given below‚ not as given in the case text. Applicable Professional Pronouncements •ASC 470-10-25-1 through 25-2‚ Debt: Overall: Recognition
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associated with intellectual disability‚ it is now thought that most people with ASC will be within the normal range of IQ. Whatever the label used‚ the complexity of the autistic spectrum often renders it easier to misunderstand than it is to recognise. These difficulties‚ which can make access to services problematic‚ are further complicated by the generic nature of many services and the fragmented way they view and respond to ASC.
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in exchange for cash and beneficial interest‚ the company is able to reduce its own bank debt. These sets of transactions are classified as a financing activity (FASB ASC 230-10-20). Based on the case facts‚ this transaction qualified for derecognition‚ which is the removal of assets from the statement of financial position (FASB ASC 860-20-40-1A). The company must maintain its agreement to pay down company debt. Since the company will be required to use the funds generated from the sale of the receivables
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Professional Research: FASB Codification A. Identify relevant Codification section that addresses transfers of receivables. The relevant codification section that addresses transfers of receivables is the following: FASB ASC 860-10-05-15. C. Provide definitions for the following: 1) Transfer: The conveyance of a noncash financial asset by and to someone other than the issuer of that financial asset. A transfer includes the following: selling a receivable‚ putting
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with the Laser to maintainance purchasor. The software has never been sold without Laser for its functional necessity. In this memo‚ as explained below‚ we conclude that: 1. Eye Vision’s arrangement with Holland Hospital is not within the scope of ASC 985-605‚ Software: Revenue Recognition. 2. The deliverables in this arrangement are the Clear View Laser‚ embedded software‚ and maintenance plan‚ respectively. 3. The Clear View Laser together with embedded software and maintenance plan will be accounted
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analysis ASC 810‚ Consolidation‚ as amended by ASU 2009-17 Introduction A reporting entity must assess whether its involvement with another legal entity requires the reporting entity to consolidate that legal entity and / or provide disclosures in accordance with guidance for variable interest entities. This bulletin outlines a reporting entity’s step-by-step approach to the assessment of its involvement with TM a legal entity under the guidance in FASB Accounting Standards Codification (ASC) 810-10
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agricultural production activities in the FASB Accounting Standards Codification is‚ FASB ASC 905. The title of this topic is Agriculture. 2. Entities that must apply the guidance contained in topic FASB ASC 905‚ are noted in FASB ASC 905-10-15-3‚ “The Agriculture Topic provides guidance for all entities in the agricultural industry‚ including agricultural producers and agricultural cooperatives.” According to FASB ASC 905-10-15-4‚ the following entities would not apply the guidance in this topic:
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Sports Commission (ASC) is a statutory authority within the Australian Government’s Department of Health portfolio. It was established in 1985 and operates under the Australian Sports Commission Act 1989. The ASC is governed by a board of commissioners appointed by the Australian Government. The board determines the ASC’s overall direction‚ decides on actual allocation of resources and policy for delegated decisions‚ and is accountable to the Minister for Sport and to Parliament. The ASC is administered
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The FASB recently issued further guidance to assist with the interpretation of ASC 820- 10 (Statement 157): • FASB Staff Position FAS 157-3: Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active was issued in October 2008 to clarify the application of ASC 820-10 (Statement 157) in a market that is not active and to provide an example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial
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| $1.0M | $0 | $0 | $0 | $0 | $1.0M | These events indicate that the carrying amount of the asset group may not be recoverable and‚ therefore‚ Smooth Sailing will test the asset group for recoverability and potential impairment in accordance with ASC 360-10 as of the end of the current fiscal year‚ December 31‚ 2010. As of December 31‚ 2010‚ the cruise ship’s estimated fair value is $3.0 million‚ net book value is $4.6 million‚ and estimated remaining useful life is five years. In addition‚ the
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