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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disposal‚ and goodwill are often harder to understand concepts in accounting and the accountant needs to be able to explain the requirements of the accounting standards codifications (ASC) in relation to the issues the clients ask about. Adjusting lower cost of market inventory on valuation FASB ASC 330-10-35-1 through FASB ASC 330-10-35-11 When inventory worth is now less than cost‚ the valuation needs to be adjusted to the lower cost. When the costs change‚ the organization should adjust the inventory
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Individuals with Autistic Spectrum Conditions 1: Understand the main characteristics of Autistic Spectrum Conditions (ASC) 1.1 Each person with an ASC has their own individual abilities‚ strengths‚ gifts‚ needs and interests that can vary greatly from one person to the next. Due to the multifarious conditions attached to the autistic spectrum‚ and according to the degree of the ASC it is important to recognise the characteristics of an individual to determine the areas in which they excel and the
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Date: October 11‚ 2011 To: Mr. Philip Long From: Mr. Kunal Patel Subject: Recommendations Introduction Below are my recommendations to Mr. Philip Long‚ the CFO of DeviceCo‚ regarding tasks he has assigned me to do. The tasks entail answering the following questions in my analysis of whether LeaseMed is a Variable Interest Entity (VIE) and if DeviceCo should consolidate LeaseMed as a primary beneficiary: (1) Does DeviceCo qualify for the business scope exception‚ (2) Does LeaseMed have sufficient
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Altered State of Consciousness‚ also known as ASC‚ is a temporary change in one’s normal mental state without being considered unconscious. There are many different types of ASC but some examples would be dissociation‚ hypnosis and meditation. All these forms of ASC can all be achieved in different ways‚ and are achieved for different reasons. For example‚ meditation is usually used to help reduce stress‚ and lower anxiety. While hypnosis is used to open people to the power of suggestion. Altered
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1. Is Eye Vision’s arrangement with Holland Hospital within the scope of ASC 985-605‚ Software: Revenue Recognition? In this case‚ the main content of the Eye Vision’s arrangement with Holland Hospital include embedded software medical equipment and an initial option to purchase a two-year separately priced maintenance agreement. In this case‚ because“Eye Vision has never sold‚ nor does it offer to sell‚ the Clear View Laser without the embedded software because the software is necessary to perform
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drug X and an existing commercialized drug. Problem: How to account for the funding of the R&D and royalty payments R&D cost – first way： ASC 730-20 is applicable Based on the fact given in the case‚ none of the four conditions under ASC 730-20-25-6 relate to the Pharmagen. Therefore‚ we cannot make a decision if it is liability. However‚ under ASC 730-20-25-8‚ the repayment of funds provided must depend only on the result of the R&D having future economic benefit. Since the PEI has a contingency
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How should Smooth Sailings’ management perform the recoverability test for the cruise ship as of December 31‚ 2010? a. What assets and liabilities should be included in the “asset group” as defined by ASC 360-10 for purpose of performing the recoverability test? i. FASB ASC paragraph 360-10-35-23 states that for measuring an impairment loss‚ long-lived assets should be group with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent
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Sacramento. Other component parts will continue to be manufactured at the Seattle facility. The company will scrap the equipment and “special interior building configuration assets” related to the video monitor operations. According from ASC 310-10-20 Glossary‚ Asset group refer as “An asset group is the unit of accounting for a long-lived asset or assets to be held and used‚ which represents the lowest level for which identifiable cash flows are largely independent of the cash flows
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5 Total 135 (2) Common stock (C/S) is 2 million shares at $35/share. (3) Contingent consideration is recorded at fair value at acquisition-date. (ASC 805-30-Currently Viewing:805 Business Combinations25-5) In this case‚ the contingent consideration is classified as equity since it settled in shares. (ASC 815-40-25-4) The contingient consideration goes into additional paid in capital account (APIC) on the Allfoods’ balance sheet. (4) Exchange of share options in conjunction
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