Oscar J. "Revenue recognition convergence: The contract-based model." Journal Of Corporate Accounting & Finance (Wiley) 22‚ no. 6 (2011): 87-92. The article “Revenue Recognition Convergence: The Contract-Based Model” is all about revenue recognition. It begins by explaining the conceptual background information to give you an overview of what revenue recognition is both in the US and internationally. Part of this section also discusses what problems have been found with revenue recognition. Because
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the company recognize revenue based upon the two possible FOB structures mentioned in the case? According to GAAP‚ four conditions must be met in order to recognize revenue: 1. Persuasive evidence of an arrangement exists: although the case does not provide extra information on this aspect‚ it seems clear that there is an ongoing relationship between Biovail and the Distributor and that certainly there was a bill‚ purchase order and/or invoice in order to support this sale. 2. Seller’s price
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Biovail Business Memo In 2003 Biovail Corporation announced that it will miss its 3rd quarter earnings target by $25-$45 million‚ attributing $10-$15 million to a recent shipment loss. Being one of Canada’s largest publicly traded pharmaceutical companies with stock listed on both the Toronto and New York stock exchanges‚ the news raised concerns in the financial circles over the company’s accounting practices. Even Biovail’s claim that the shipment loss presented a revenue value of over $10 million
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|3785.4CC | |ONE DRUM CAPACITY =64 GALON IN CC |242265.6 | |SALE PRICE OF ONE TABLET= |2.83 $ | |TABLET PRICE LESS DISTRIBUTO MARGIN=
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Sub issue: Other than having fraud conducting of revenue recognition‚ Biovail Corporation also has overestimated the amount of Wellbutrin XL on the truck. The company estimated that revenue associated with this shipment was in the range of $10 million and $20 million and confirmed that the manufacturing cost value of this shipment had been fully insured. The trooper estimated that the truck was about one-quarter full. After the investigation done‚ the analyst stated if there had been $20 million
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Introduction This assignment features the recognition and measurement of revenue depending on the source of revenue in accordance with the provisions of International Accounting Standards (IAS) 18 Revenue. I researched the topic and defined the special purposes of the assignment: first of all‚ it is important to know the main concepts of IAS 18‚ also to learn the rules by using this particular regulatory framework‚ and to get knowledge about writing the report at all.
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Revenue Recognition: Apple Inc. THE COMPANY Our analysis of Apple Inc. will incorporate the general overview of the company and how it records it revenues. We will observe how they make an honest effort to be within compliance of all accounting standards according to the Financial Accounting Standards Board for recording and disclosure of its income. Apple’s leading competitor‚ Google Inc.‚ will also be examined to see whether they are comparable to Apple and still within compliance of the Securities
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IASB and FASB release revenue recognition exposure draft What is the issue? On June 24th‚ the FASB and IASB issued an exposure draft proposing a new revenue recognition model that could fundamentally alter the way entities across a variety of industries recognise revenue. The proposal is an output of the boards’ joint efforts to develop a converged revenue recognition standard based on the same principles. A key objective is to increase the consistency of revenue recognition for similar contracts
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industry‚ both from the viewpoint of someone that is interested in playing computer games and as an investor. The topic that I have chosen to address is the issue of revenue recognition. Revenue Recognition Analysis I started by looking at EAs annual report (Form 10-K) for the fiscal year ending March 31‚ 2007. Revenue recognition is discussed in some detail.
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Introduction & Intent of Project The International Accounting Standards Board (IASB) and The Financial Accounting Standards Board (FASB) have undertaken a joint revenue recognition project that clarifies the principles for recognizing revenue that can be applied consistently across various transactions‚ industries‚ and capital markets. This project will apply to all contracts with customers except leases‚ financial instruments and insurance contracts. The joint project will attempt to remove
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