Revenue recognition is a very important component of financial accounting and reporting. The accounting principles governing revenue recognition can have a big impact on corporate accounting and the way contracts are structured with customers. As a part of ongoing discussions to converge U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)‚ some proposals to change revenue recognition have been discussed. The following will discuss revenue
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Revenue recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚ financial
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ALGORITHMIC AND MATHEMATICAL PRINCIPLES OF AUTOMATIC NUMBER PLATE RECOGNITION SYSTEMS Introduction It is believed that there are currently more than half a billion cars on the roads worldwide. All those vehicles have their vehicle identification number ("VIN") which states a legal license to participate in the public traffic. No vehicle without properly mounted‚ well visible and well readable license plate should run on the roads. The license number is the most important identification
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Revenue-Recognition Problems in the Communications Equipment Industry 1) In late 2000‚ Lucent announced that revenues would be adjusted downwards by $679m as a result of revenue recognition problems. Yet the firm’s market capitalization plummeted by $24.7bn. Why do you think the market reacted so negatively to Lucent’s announcements of the problems? The large drop in market capitalization is probably due to several factors. Historically‚ Lucent had successfully met analysts’ projections for
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Pattern Recognition Pattern recognition‚ by William Gibson‚ in relation to our class as whole throughout the course of the semester has many interesting ties. Throughout the course‚ we have discussed topics such as knowledge and the self and both of these topics were ones that were hit upon when reading Pattern Recognition. These topics were hit on through various points in the book and they were touched upon in various ways through different characters. Although Pattern Recognition is a postmodern
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State. Currently recognition is left upto the states and there is no uniformity in the process. Declaratory and Constitutive Theories of State Recognition in International Law There are two competing theories which have been accepted in the International Legal Order. These are the Declaratory Theory and the Constitutive Theory. The earlier mode of recognition of States was based on the Constitutive Theory. The Nineteenth century was dominated with this standard of recognition. As per this theory
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Revenue Recognition: Case Study on Caltron Computers‚ Inc. Julie Mong April 17 ‚ 2010 1. In general‚ evaluate Caltron’s revenue recognition policy and the quality of Caltron’s earnings. Caltron Computers‚ Inc.‚ a computer hardware company‚ is publicly held with market capitalization amounting to over $450 million. Carlton’s system designs enable their mini-computer systems to measure up to the power of mainframes with small cost outlays. The accounting practices
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Financial Reporting and Analysis – ACG6175 Date: 5/18/09 Revenue Recognition Problems in the Communications Equipment Industry 1 – In late 2000‚ Lucent announced that revenues would be adjusted downwards by $679 million as a result of revenue recognition problems. Yet the firms market capitalization plummeted by $24.7 billion. Why do you think the market reacted so negatively to Lucent’s announcements of the problems? There is usually a grey zone between aggressive accounting‚ which
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All veterans – living or deceased – should receive the respect and recognition they deserve in return for their service to our country. The Covenant Veteran Recognition Program will provide that salute when it marches forward on Tuesday‚ May 30. Tony Lyle is a member of the Veteran Recognition team‚ a diverse group of hospital staff who’ve worked on this special act of deference for nearly a year. “I’m proud to be part of an organization that strives to recognize and honor the veterans and their
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Memory: The difference between recall memory and recognition memory? Personally‚ I think that the majority of us can identify everyday occurrences‚ people we have met in the past‚ or other everyday aspects involving memory. However when we are required to remember precise details of an event that we would be extremely familiar with it becomes apparent that our memory is not as reliable as one may think‚ especially when under stress. According to Pozzulo‚ Bennel‚ and Forth (2013) when a law enforcement
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