Earlier this week, the multi-nation team investigating the disappearance of Malaysia Airlines flight announced that the hunt for the missing Boeingwhich had been concentrated in the southeastern Indian Ocean, was at last being called off. After two years and over a hundred million search dollars, only a few scattered pieces of the jetliner were found, washed ashore on isolated islands, presumably hundreds or even thousands of miles from the actual, unknown spot were the flight met its end. It happens this way sometimes.
Selected Revenue Recognition Issues 1. Revenue recognition — general The accounting literature on revenue recognition includes both broad conceptual discussions as well as certain industry-specific guidance.
Based on these guidelines, revenue should not be recognized until it is realized or realizable and earned. The staff believes that the determination of the units of accounting within an arrangement should be made prior to the application of the guidance in this SAB Topic by reference to the applicable accounting literature.
Persuasive evidence of an arrangement Question 1 Facts: Company A has product available to ship to customers prior to the end of its current fiscal quarter.
Customer Beta places an order for the product, and Company A delivers the product prior to the end of its current fiscal quarter. Company A prepares a written sales agreement, and its authorized representative signs the agreement before the end of the quarter.
However, Customer Beta does not sign the agreement because Customer Beta is awaiting the requisite approval by its legal department.
Customary business practices and processes for documenting sales transactions vary among companies and industries.
Business practices and processes may also vary within individual companies e. If a company does not have a standard or customary business practice of relying on written contracts to document a sales arrangement, it usually would be expected to have other forms of written or electronic evidence to document the transaction.
For example, a company may not use written contracts but instead may rely on binding purchase orders from third parties or on-line authorizations that include the terms of the sale and that are binding on the customer.
In that situation, that documentation could represent persuasive evidence of an arrangement. Registrants should ensure that appropriate policies, procedures, and internal controls exist and are properly documented so as to provide reasonable assurances that sales transactions, including those affected by side agreements, are properly accounted for in accordance with GAAP and to ensure compliance with Section 13 of the Securities Exchange Act of i.
Side agreements could include cancellation, termination, or other provisions that affect revenue recognition. The existence of a subsequently executed side agreement may be an indicator that the original agreement was not final and revenue recognition was not appropriate.
Pursuant to the terms of the arrangement, Customer A is a consignee, and title to the products does not pass from Company Z to Customer A until Customer A consumes the products in its operations. Company Z delivers product to Customer A under the terms of their arrangement.
May Company Z recognize revenue upon delivery of its product to Customer A? Products delivered to a consignee pursuant to a consignment arrangement are not sales and do not qualify for revenue recognition until a sale occurs.
The staff believes that revenue recognition is not appropriate because the seller retains the risks and rewards of ownership of the product and title usually does not pass to the consignee. Other situations may exist where title to delivered products passes to a buyer, but the substance of the transaction is that of a consignment or a financing.
The staff believes that the presence of one or more of the following characteristics in a transaction precludes revenue recognition even if title to the product has passed to the buyer: The buyer has the right to return the product and: The seller is required to repurchase the product or a substantially identical product or processed goods of which the product is a component at specified prices that are not subject to change except for fluctuations due to finance and holding costs, 14 and the amounts to be paid by the seller will be adjusted, as necessary, to cover substantially all fluctuations in costs incurred by the buyer in purchasing and holding the product including interest.
The transaction possesses the characteristics set forth in FASB ASC paragraphs through Leases Topic and does not qualify for sales-type lease accounting.
The product is delivered for demonstration purposes. Accordingly, the staff believes that judgment is necessary in assessing whether the substance of a transaction is a consignment, a financing, or other arrangement for which revenue recognition is not appropriate.Sleeping at your job improves your memory Scientists at the University of New York recently conducted a research proving that a short sleep of about minutes, in front of the computer screen at work, is extremely useful both for health and for the working efficiency.
They did some tests and arrived at the conclusion that to sleep at work, in .
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It will increase your chances of having a . Case Velocity Cellular In conjunction with quarterly review procedures, the controller of Velocity Cellular Services (Velocity or the Company) provided the audit engagement team with. The mission of the Stanford Graduate School of Business is to create ideas that deepen and advance the understanding of management, and with these ideas, develop innovative, principled, and insightful leaders who change the world.
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I love this, very nice for a small space–I wanted the same style but knew just 1 light wouldn’t be enough and this solves the problem! Can you source the mirror?