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‚
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OUTSTANDING REVENUE AS WEEKS BILLING OUTSTANDING By SACHIN GHOGLE Introduction Financial management focuses in finding the value in accounts receivable by emphasizing on improving the collections process and hence accelerating the cash flow. ‘Revenue Outstanding’ is the amount due from the customer as a result of an organisation’s normal business operation‚ that is‚ it is the amount that has been billed by organisations and is due‚ but which has not been collected. The management of ‘Revenue Outstanding’
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Issues With Revenue Recognition within the Software Industry The Isoft Example Financial Controller-SoftWarehouse Ltd This report has been prepared for the Board of Directors of SoftWarehouse Ltd for elucidation about the contentious issues that have given rise to the publication of the article concerning Isoft’s issues with revenue recognition. Finally‚ it will also assess whether or not these issues are likely to affect SoftWarehouse Ltd. TABLE OF CONTENTS Executive Summary: 3
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STRATEGIES FOR IMPROVED REVENUE GENERATION IN LOCAL GOVERNMENTS 1.0 INTRODUCTION Local governments operate at the grassroots and are expected to provide services to their stakeholders. In a federal system like Nigeria‚ local governments are close to the people and hence could effectively alter socioeconomic and political conditions within their jurisdictions. Apart from providing and maintaining basic infrastructures‚ local governments can complement the economic activities of other levels of
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Assessing Revenue Recognition Timing Explain when each of the following business should recognize revenues: a. A clothing retailer like The Limited. Revenue recognition: Sales basis method (at the time of sale). The revenue for a retail store like The Limited should recognize their revenue when the
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Contents Page Title page i Certification ii Declaration iii Dedication iv Acknowledgement
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PPL Corporation v. Commissioner of Internal Revenue Business Income Tax‚ Northwestern Oklahoma State University ShaLyn Schaefer March 7‚ 2013 I chose this court case because the decision will have effects on many businesses in the United States who own foreign companies. A holding for the Commissioner of Internal Revenue may subject taxpayers in PPL’s position to double taxation. However‚ a holding for PPL threatens to undermine the consistency and uniformity of the U
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REVENUE GENERATION IN LOCAL GOVERNMENT COUNCILS IN NIGERIA. A CASE STUDY OF OBAFEMI/OWODE LOCAL GOVERNMENT Submitted by DAIRO ISAAC KUNLE Dept. Of Economics‚ University of Ibadan RESEARCH PROPOSAL INTRODUCTION Local governments are potentially very important for Nigeria as they play a significant role in generating revenue and encouraging civil involvement‚ as well as creating a visible link between taxes and service delivery. The increasing cost of running government coupled with dwindling revenue
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Additional facts about this case: 1. CHP is believed to be close to a long-term contract to supply parts to Medit‚ a giant construction company with excellent government contracts in southern France and nearby Euro countries. 2. Mission’s price for the coupling in questions (PT40) is $1.26‚ FOB‚ Los Angeles. The target gross margin for exports is 30% FOB $1.26 (location Los Angeles) COGS $ .88 (Fixed) GTM $0.38 CIF $1.3627= $1.36 FOB (1.05) (1.03)= 1.0815 Pricing
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(This is the 2nd submission.) Group Discussion Board Forum 1 Shirley Johnson L25081202 Linda Meadows This report addresses question 3‚ identify any special advantages and/or disadvantages the owner(s) experience in operating this form of business organization. I will also speak to the way in which a Christian owner’s faith will determine how the business is operated. I have selected the sole proprietorship form of business to discuss. The sole proprietorship form of ownership is a business
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