ABC Inc. Date: January 11th‚ 2015 Prepared by: Reviewed by: Professor ISSUE: Accounting for ABC’s tenant improvements and lease incentive obligations under the lease agreement with Landlord LLC (the “Landlord”). BRIEF BACKGROUND OF COMPANY ABC Inc. was founded in 2007 and is headquartered in San Francisco. Revenues and net income for 2010 are $500 million and $80 million‚ respectively. In September 2010‚ ABC Inc. (“ABC” or the “Company”) entered into an agreement with Landlord LLC (the
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1.1 Origin of the Report As part of the term paper of Evening Masters of Business Administration (EMBA) course requirement‚ we are assigned the topic “Carbon Accounting” by our course teacher for accomplishing our report. 1.2 Objectives of the report To attain the skill of report writing. To achieve deep knowledge about Carbon Accounting. To fulfill the partial requirement of our course of Accounting for Managers. 1.3 Methodology of the report This study was a descriptive research where
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turbine from Goliath Co for a 10-year non-cancelable term. The lease agreement is signed on December 15‚ 2004 and Big Bear’s right to use the turbine begins on January 1‚ 2005. They have the following three transactions that need to be analyzed under ASC 840‚ Accounting for Leases‚ to determine whether costs or potential costs associated with the provision should be included in minimum lease payments: 1. Fees paid in connection with negotiating lease agreement and legal fees. Big Bear pays Stipe
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asbestos. For 10 of the 25 warehouses that reside in states with special asbestos handling and removal laws‚ LOI plans to sell the buildings without ever meeting the criteria to have to remove the asbestos and thus no obligation exists. ASC 240-20-55-58 and ASC 240-20-55-60 state that although timing of the performance of the asset retirement activity is conditional on the factory undergoing major renovations or being demolished‚ existing regulations create a duty or responsibility for the entity
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To: General Manager From: Consultant Date: January 30‚ 2012 Subject: PCL Control Sustainability Introduction PCL is a European consumer electronics and healthcare company that has recently entered China. They have a wide variety of televisions‚ DVD players‚ PC monitors‚ audio products and PC peripherals. PCL is able to compete within the consumer electronics market as they have low prices and a large network of distributors. PCL uses innovation to stay ahead of competitors and keep up with the
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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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clubs included in the study did not select immediate expensing‚ and only three clubs switched accounting methods. The aim of the paper is to investigate whether the accounting regulation (FRS 10‚ ASB‚ 1997a: IAS 38 (Revised)‚ IASB‚ 2004b: SFAS 142‚ FASB‚ 2001) that purchased intangibles must be capitalised is appropriate. In these standards the application of the asset recognition criteria‚ that the expected future benefits from the asset are probable and will flow to the entity‚ is taken to be satisfied
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ASC 740-20 defines “income taxes” as “domestic and foreign federal (national)‚ state‚ and local (including franchise) taxes based on income”. Further in the Glossary‚ “taxable income” is defined as “the excess of taxable revenues over tax deductible expenses and exemptions for the year as defined by the governmental taxing authority”. Therefore‚ the principles and the scope of ASC 740 are only applicable to “taxes based on income.” However‚ ASC 740 provides no further guidance on this matter and
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needs to be assessed whether Meyer or Saban is the VIE’s primary beneficiary according to ASC 810-10-25-38A. As defined in ASC 810-10-15‚ the primary beneficiary is an entity that consolidates the variable interest entity. In the past‚ the determination of the controlling financial interest was done by simply establishing which entity owned the majority of the subsidiary in question. Now according to ASC
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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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