is a research and development agreement ‚ and second agreement is a license and distribution agreement during the first quarter of fiscal year 2010. • What are the deliverables for the arrangement described in the case study above? According to ASC 605-25-15-2‚ all deliverables (that is‚ products‚ services‚ or rights to use assets) within contractually binding arrangements (whether written‚ oral‚ or implied‚ and hereinafter referred to as arrangements) in all industries under which a vendor will
Premium Bookkeeping Double-entry bookkeeping system Contract
financials by adhering to accounting standards. First let’s discuss whether it is appropriate for WWA to include the subsidiaries’ October 31st financial information on their December 31st statements‚ regardless of the hypothetical event. According to ASC-810-10-45-12‚ subsidiary information can be consolidated with parent information if the difference in reporting period is less than three months. WWA’s auditors still wonder if more timely information can be obtained although the October 31st information
Premium Balance sheet Income statement Financial statements
37‚ a provision is recognized for a legal or constructive obligation arising from a past event‚ if there is a probable (more likely than not) outflow of resources and the amount can be estimated reliably (IAS 37.14). In contrast‚ according to FASB ASC 450-20-25-2‚ a contingency (provision) is recognized if it is probable (likely) that a liability has been incurred and the amount is reasonably estimated. Scenario 1 (1) Under IFRSs: According to IAS 37.22‚ the contamination of the land gives rise
Premium Balance sheet Generally Accepted Accounting Principles Asset
Question 1 a. Stage 1:Established TV return processes and ASCs report to TV division: Failures of these controls were due mainly to no existence of a punishment policy. In addition‚ there was too much trust placed on the employees. The 1985 employees loyalty is long gone . Behavioral constraint is seen here for fraud is no part of the employees culture. There is a lack of direction for there is no report or form of supervision for ASCs. Communication process are not followed maybe they do not like
Premium Control theory Management Cost-benefit analysis
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
Premium Generally Accepted Accounting Principles Statistics
http://asc.fasb.org/media/1615_Codification_MainMenu_Web/launcher.html 2. Access the codification database through your course shell and give a summary (1 paragraph) of each of the below references: a. ASC 210-10-01 b. ASC 505-20-25 c. ASC 908-360-25 Please put it in your own words! A/ ASC 210-10-01. I could not find the 210-10-01 so I will over the 210-10 (General) In this section the FASB explains how the accounting standars was updated. It also talks about the securities and exchange
Premium Stock market Dividend Stock
Determine the amount of other-than-temporary impairment (OTTI) Introduction O.T.T. Incorporated‚ principally engaged in the manufacture and sale of clothing‚ has six investments remaining in the department’s portfolio as of December 31. According to ASC‚ this memo analyzes whether any of its investments are other-than-temporary impaired‚ and determines the amount of the impairment. Facts Investment 1 -- Happy New Year & Co. OTT purchased 11 shares of Happy New Year & Co. stock on at $20 a share on
Premium Stock Bond Stock market
Case 10-7: Impaired Abilities Scenario A: According to ASC 360-10-20‚ “an impairment is the condition that exists when the carrying amount of a long-lived asset (asset group) exceeds its fair value”. In order to determine if the impairment exist in the case‚ we will have to compare the carrying amount with the fair value of the assets. In regards to the municipal bounds‚ its amortized cost‚ $8‚500‚000 exceeds its fair value‚ $7‚500‚000. And corporate bonds’ amortized cost‚ $8‚300‚000 also exceeds
Premium Balance sheet Security Stock
if it is appropriate for LabCo to change its method of accounting for the Halibut contract from the percentage-of-completion method to the completed-contract method and how the change should be treated on the basis of the guidance provided within ASC 250‚ and how LabCo’s accounting policy and accounting for the Halibut contract may change under IFRS if adopted in the coming year. This memorandum will provide support for how the overall conclusion‚ based on the issues above‚ was reached. Facts
Premium Contract Contractual term
other important revenue and expense classifications makes the income statement more useful" (Kieso‚ 2012). We have limited information to use for 2005‚ but we can still construct an income statement up to gross profit. We will adhere to FASB rule ASC 225-10-S99-2 (Regulation S-X Rule 5-03‚ Income Statements)‚ which regulates the relevant items and their components which should be separately stated in the income statement and their arrangement for the presentation. This coding rule provides us the
Premium Income statement Financial Accounting Standards Board Revenue