The Right Way to Recognize Revenue Learn the components of SAB 101 and mistakes to look out for. BY THOMAS J. PHILLIPS JR.‚ MICHAEL S. LUEHLFING AND CYNTHIA M. DAILY More than half of the financial reporting frauds among “A U.S. public companies from 1987 to 1997 involved overstating revenue‚ according to a study conducted by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Auditors have always focused on possible revenue recognition overstatement in financial
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2011*(32+21.27+20.21)/3]/ (1.1096^5) = [519*(32+21.27+20.21)/3]/(1.1096^5) =7557.584479 2. What would you consider reasonable‚ “high‚” and “low” growth estimates (median‚ 25th‚ and 75th percentile growth estimates) for 2008 and for the long run? Year Revenue Growth Rate 2003 1.165 2004 13.52 1061% 2005 105.581 681% 2006 355 236% 2007 847.35 139% 2008 1370 62% 2009 2058 50% 2010 2788 35% 2011 3367 21% 2012 3569 6% 25th quartile 35 % Median 62% 75th Quartile 236 % For 2008‚ it will
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20‚000 LEAGUES UNDER THE SEA by Jules Verne The news spread worldwide about a serpent-like creature. Supposedly‚ part of the whale family has been ramming ships and sinking them with ease. The large ship named the Abraham Lincoln was sent out to find and kill this beast. An attack of the monster left Professor Aronnax and his long time sidekick Conseil thrown overboard. Ned Land‚ master harpooner was thrown overboard as well. An iron-plated submarine saved their lives. When taken aboard
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this law includes both adults and minors. With sixteen and seventeen year olds paying income taxes‚ they are contributing millions of dollars to the country’s revenue. As tax payers‚ minors are owed the right of voting and representation. It is not fair for the
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European Historical Economics Society Conference‚ 9-10 September 2005‚ Historical Center of the former Imperial Ottoman Bank‚ Istanbul. WHY DID THE LEAGUE OF NATIONS FAIL? INTRODUCTION The economic and political instability of the interwar period and the rise of authoritarian regimes are often seen as extensions of World War I and the Great Depression. The League of Nations‚ in turn‚ is usually seen as an organization that failed to act adequately during the various political crises of the period‚ beginning
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4.2. Diversifying revenues In recent years it has been widely believed that airports have become increasingly reliant on non-aero revenues. Over the past 15 years‚ the proportion of revenue derived from aeronautical activities has slightly increased indicating that the share of revenue derived from non-aeronautical activities has decreased. Financial crises‚ tough competition coming from neighbouring airports and pressure on lowering airport charges from LCCs‚ have put a dent in airport’s aeronautical
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to the action and to the themes of the play. Many of the themes of the play‚ including decay and corruption‚ revenge‚ and appearance vs. reality‚ are outlined through the description and progression of the secondary characters. Shakespeare creates minor characters Ophelia‚ the ghost and Polonius to play a very crucial role in Hamlet as they shape the thematic elements of the play. The character of Ophelia plays the role of Hamlet’s love interest and is easily manipulated by her family; portraying
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CHAPTER 7 Revenue and Collection Cycle LEARNING OBJECTIVES Review Checkpoints Exercises‚ Problems‚ and Simulations 1. Discuss inherent risks related to the revenue and collection cycle with a focus on improper revenue recognition. 1‚ 2‚ 3 59 2. Describe the revenue and collection cycle‚ including typical source documents and controls. 4‚ 5‚ 6‚ 7‚ 8 54‚ 55‚ 61‚ 63‚ 64‚ 66 3. Give examples of tests of controls over customer credit approval‚ delivery‚ and
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Three revenue sources in public budgeting Property Tax: Property tax can be defined as a levy that the government issues on a person’s property. The value assessed to the property is taxed. Revenue of local governments like cities and counties are derived from property taxes. The revenue is used for administration in government and expenses concerning law enforcement‚ paramedics etc.; and also to fund courts in local governments and helps for the payment of services which include civic centers
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REVENUE ALLOCATION FORMULA IN NIGERIA INTRODUCTION Prior to the discovery of oil in Nigeria‚ other sectors of the economy thrived. Agriculture‚ for instance‚ was a major source of revenue for the Western Region. The Eastern Region that was less endowed devised other sources of revenue. All this has however changed since the discovery of oil in the country. This has led to the demise of the other productive sectors of the economy. In fact‚ Nigerians are poorer today than they were in the pre-oil boom
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