...Revenue Recognition-Contracts with Customers “Conversion will supply “a kinder, gentler approach” and hopefully make up for its implementation pains by improving and simplifying financial reports, he says. “But there will be abuses. Human nature never changes.” ---Revenue Recognition.com Contributor ABSTRACT On May 28, 2004, the Financial Accounting Standards Board (FASB) and International Accounting Standard Board (FASB) issued converged guidance on recognizing revenue in contracts with customers. The new guidance is a major achievement in the Boards’ joint efforts to make both U.S.GAAP and IFRS improved and making them as close as possible. The new revenue recognition standard overcomes inconsistencies regardless of industry and geography, provides more useful information for users, and simplifies the preparation of financial statement. The paper begins with the background of the joint project on the revenue recognition. The paper further discuss the core principle of the revenue recognition and new five steps revenue recognition model. Additionally, highlighting the contracts with multiple element and providing the examples to illustrate application. The paper also discusses the new disclosure requirement, and implementation of the changes. BACKGROUND In January 2002, the FASB discussed the objective and scope of a potential major project on the recognition of revenue and liability in financial statement...
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...ACG 6805 Accounting Theory Fall 2015 Professor: Greg Trompeter Office: 323 BA I Phone: 407.823.2150 Office hours: Tuesday before class; as announced in class; and by appointment. Required texts: Readings available as noted below. • Trueblood cases from Deloitte. Available at: http://www.deloitte.com/view/en_US/us/About/university-relations/Deloitte-Foundation/0ac1264f0b0fb110VgnVCM100000ba42f00aRCRD.htm • FASB codification—password to be handed out in class. You may log in at http://aaahq.org/ascLogin.cfm Objectives This course examines: • How accounting principles are established and monitored by standard setters. • The strengths and weaknesses of various accounting methods and how applications of such methods affect decisions of users and preparers of financial statements. • Current issues facing standard setters and the profession. Grades will be determined as follows: 1. Class participation 45 possible points 2. Financial reporting timeline 5 possible points 3. Mini-cases (Trueblood, FASB, HBS or similar) 35 possible points 4. Problem sets and discussion question write-ups 30 possible points 5. Group presentation 10 possible points 6. Research paper 20 possible points 7. Final exam 5 possible points 150 possible points NOTE: I assume that you should plan to invest—at a minimum—three...
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...Lease Accounting Update ( Learning objective After completing this chapter, you should be familiar with: A brief overview of the FAS B's proposed comprehensive new lease accounting guidance. I. The end is near... In May 2013, the FASB issued proposed ASU, Leases (Topic 842): a revision of the 2010 proposed Accountin-g Standards Update, Leases (Topic 840). The comment period ended in September 2013. Notice that the new lease accounting guidance is moving from FASB Accounting Standards Codification (ASC) 840, Leases, to a new Topic, ASC 842, Leases, which will supersede ASC 840. The new lease accounting guidance in ASC 842 will apply to all leases except for: Leases of intangible assets; Leases to explore for or use minerals, oil, natural gas, and similar non-regenerative resources; and Leases of biological assets, including timber. The new guidance is intended to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations, and the risks to which it is exposed from entering into leasing transactions. Under existing accounting standards, a majority of leases are not reported on a lessee's balance sheet even though the amounts involved can be substantial. In addition, lessees and lessors are required to classify their leases as either capital leases or operating leases and to account for those leases differently. For a lessee, capital lease assets and liabilities...
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...Morningstar Document Research FORM 10-K ORACLE CORP - ORCL Filed: June 28, 2011 (period: May 31, 2011) Annual report with a comprehensive overview of the company ® ℠ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2011 OR � TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-51788 Oracle Corporation (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 54-2185193 (I.R.S. Employer Identification No.) 500 Oracle Parkway Redwood City, California (Address of principal executive offices) 94065 (Zip Code) (650) 506-7000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $0.01 per share The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ⌧ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES � NO...
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...2011 ANNUAL REPORT notice of annual meeting of stockholders and proxy statement Corporate Profile AutoZone is the leading retailer and a leading distributor of automotive replacement parts and accessories in the United States. The Company also operates stores in Puerto Rico and Mexico. 1 52 155 23 53 40 67 478 38 104 84 181 157 119 67 62 59 79 85 547 112 98 180 14 221 144 26 101 6 45 233 121 70 13 129 20 37 71 15 69 1 34 19 5 2 6 1 30 233 Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Many stores also have a commercial sales program that provides commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations, and public sector accounts. AutoZone also sells the ALLDATA brand of diagnostic and repair software through www.alldata.com. Additionally, we sell automotive hard parts, maintenance items, accessories, non-automotive products and subscriptions to ALLDATAdiy product through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. AutoZone does not derive revenue from automotive repair or installation. 279 27 4,534 stores in 48 states in the United States, the District of Columbia and Puerto Rico 279 stores in 31 Mexican states and the Federal District. Selected...
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...SOUTHWEST AIRLINES CO. 2011 ANNUAL REPORT TO SHAREHOLDERS To our Shareholders: The year 2011 was historic for Southwest Airlines. We celebrated our 40th anniversary of providing low-fare, high quality commercial air service. We launched an all new, industry-leading, frequent flyer program in March. We opened three new cities: Greenville-Spartanburg, South Carolina; Charleston, South Carolina; and Newark, New Jersey. We closed our acquisition of AirTran Airways on May 2, growing our fleet by 140 aircraft, and extending our route network domestically and to the Caribbean and Mexico. In December, we unveiled our fleet modernization plans, which include an agreement with Boeing to serve as the launch customer of the 737 MAX aircraft. And, our operations improved in 2011, closing out the year with our highest December ontime performance in 15 years. Moreover, we reported our 39th consecutive annual profit in a year that endured a $1.7 billion year-over-year increase in combined economic fuel costs. Our 2011 net income was $178 million, or $.23 per diluted share, including special items (primarily noncash, mark-to-market, and other items required for a portion of the Company’s fuel hedge portfolio, as well as costs associated with the acquisition and integration of AirTran). Excluding special items, our 2011 profit was $330 million, or $.43 per diluted share. Our financial position remains strong. Our cash and short-term investments were $3.1 billion, as of December 31, 2011, in...
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...Comparison between U.S. GAAP and International Financial Reporting Standards May 2013 © 2013 Grant Thornton LLP All rights reserved U.S. member firm of Grant Thornton International Ltd Comparison between U.S. GAAP and International Financial Reporting Standards 2 Contents 1. Introduction .................................................................................................................................................. 6 International standards and the IASB ............................................................................................................ 6 Financial accounting and reporting in the United States ................................................................................ 6 IFRS and U.S. GAAP comparison ................................................................................................................. 6 Overall financial statement presentation ................................................................................................... 8 General .......................................................................................................................................................... 8 Statement of financial position / balance sheet .............................................................................................. 9 Statement of comprehensive income / income statement ........................................................................... 12 Statement of changes in equity...
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...COINSTAR INC (CSTR) 10-K Annual report pursuant to section 13 and 15(d) Filed on 02/09/2012 Filed Period 12/31/2011 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: December 31, 2011 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-22555 COINSTAR, INC. (Exact name of registrant as specified in its charter) Delaware 1800 114 Avenue SE, Bellevue, Washington (Address of principal executive offices) (State or other jurisdiction of incorporation or organization) th 94-3156448 (I.R.S. Employer Identification No.) 98004 (Zip Code) Registrant's telephone number, including area code: 425-943-8000 Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.001 par value Name of each exchange on which registered: The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.: Yes ¨ No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities...
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...10-K 1 d855870d10k.htm 10-K Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2014 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-28167 Alaska Communications Systems Group, Inc. (Exact name of registrant as specified in its charter) Delaware 52-2126573 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 600 Telephone Avenue Anchorage, Alaska 99503-6091 (Address of principal executive offices) (Zip Code) (Registrant’s telephone number, including area code): (907) 297-3000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Stock, Par Value $.01 per Share Name of each exchange on which registered The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x Indicate by check mark whether the registrant (1) has filed all reports required...
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...CHAPTER 5 Revenue Recognition and Profitability Analysis Part A: Introduction to Revenue Recognition I. Revenue Recognition in General A. FASB definition: “Revenues are inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations.” In other words, revenue tracks the inflow of net assets that occurs when a business provides goods or services to its customers. (T5-1) B. To determine how much revenue to recognize and when to recognize it, we apply the core revenue recognition principal: Companies recognize revenue when goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services. (T5-2) 1. Key concept: the seller has one or more performance obligations. a. Performance obligations are promises to transfer goods or services to the customer. b. Revenue recognition is tied to satisfaction of performance obligations. C. Five steps are used to apply the principle: (T5-2) 1. Identify the contract with a customer. 2. Identify the performance obligation(s) in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to each performance obligation. 5. Recognize revenue when (or as)...
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...RETURN FOR MORE 2014 ANNUAL REPORT Selected 2014 property openings include (from top to bottom, and left to right): Hampton by Hilton Istanbul Kayasehir; DoubleTree by Hilton Hotel and Residences Dubai – Al Barsha; Embassy Suites by Hilton Santo Domingo; Homewood Suites by Hilton New York Midtown Manhattan Times Square – South, NY; Hokulani Waikiki by Hilton Grand Vacations Club; Diplomat Resort & Spa Hollywood, Curio Collection by Hilton; Hilton Garden Inn Astana; Waldorf Astoria Amsterdam; Home2 Suites by Hilton Sioux Falls/Sanford Medical Center, SD; Conrad London St. James; Hilton Al Hamra Beach & Golf Resort. Cover photo: theWit – A DoubleTree by Hilton AT-A-GLANCE As the world’s largest and fastest-growing global hospitality company, Hilton Worldwide builds on a century of excellence as the strength of our brands and the power of our innovation continue to drive guest satisfaction, increase loyalty and support one of the foremost unit growth stories in the industry. We strive to spread the light and warmth of hospitality that keeps guests, team members, owners and stockholders returning for more. UP 7.1% (1) 1 Ranked Margin growth – Adjusted EBITDA margin increase 190BPS to 36.8% (2) Net unit growth System size, pipeline & rooms under construction 715,000 Rooms UP 6% or 36,000 ROOMS (3) $2,000 (4) # UP 13.5% $2,500 Award-winning brands Hilton HHonors members Bottom line – Adjusted EBITDA ...
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...2011 Annual Report Inspired Innovation To our shareholders In many ways, 2011 was an amazing year. At times, the year felt like a story from the book of Genesis, with the Japanese earthquake, tsunami and subsequent nuclear issues, the flooding in Thailand late in the year, tornadoes in the southern United States, and revolution in North Africa. Matters were further complicated in 2011 by the sovereign debt issue in Greece, worries about Italy’s solvency and the economic downturn in Europe. We must offer special recognition here to our Japanese colleagues for their wonderful efforts in 2011 and to their entire nation for the dignified and orderly way in which they dealt with the tsunami and related challenges. They have my profound personal admiration. Through all of this, while dealing in many cases with enormous personal challenges presented by these disasters, 3M’s people also met the business challenges and once again delivered strong results. George W. Buckley Chairman of the Board, President and Chief Executive Officer Despite all this turbulence, full-year sales increased 11 percent to $29.6 billion, with double-digit growth in Industrial and Transportation; Safety, Security and Protection Services; and Health Care. Operating margins were 20.9 percent for the company, and all businesses delivered margins of 20 percent or higher, which is an amazing feat of consistency. Inge G. Thulin named President and Chief Executive Officer, 3M Company, Feb. 24, 2012 Inge G. Thulin,...
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...2011 Annual Report Inspired Innovation To our shareholders In many ways, 2011 was an amazing year. At times, the year felt like a story from the book of Genesis, with the Japanese earthquake, tsunami and subsequent nuclear issues, the flooding in Thailand late in the year, tornadoes in the southern United States, and revolution in North Africa. Matters were further complicated in 2011 by the sovereign debt issue in Greece, worries about Italy’s solvency and the economic downturn in Europe. We must offer special recognition here to our Japanese colleagues for their wonderful efforts in 2011 and to their entire nation for the dignified and orderly way in which they dealt with the tsunami and related challenges. They have my profound personal admiration. Through all of this, while dealing in many cases with enormous personal challenges presented by these disasters, 3M’s people also met the business challenges and once again delivered strong results. George W. Buckley Chairman of the Board, President and Chief Executive Officer Despite all this turbulence, full-year sales increased 11 percent to $29.6 billion, with double-digit growth in Industrial and Transportation; Safety, Security and Protection Services; and Health Care. Operating margins were 20.9 percent for the company, and all businesses delivered margins of 20 percent or higher, which is an amazing feat of consistency. Inge G. Thulin named President and Chief Executive Officer, 3M Company, Feb. 24, 2012 Inge...
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...MACY’S, INC. 2015 ANNUAL REPORT Macy's, Inc. 2015 Annual Report | Macy’s, Inc. is one of the nation’s premier omnichannel retailers, with fiscal 2015 sales of $27.1 billion. As of March 31, 2016, the company operates about 870 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s, Macy’s Backstage, Bloomingdale’s, Bloomingdale’s Outlet and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement. Macy’s, established in 1858, is an iconic retailing brand with about 730 stores operating coast-to-coast, online at macys.com and a Macy’s shopping app for mobile devices. Macy’s offers powerful assortments and the best brands, tailored to each and every customer with obvious value, engaging service and unforgettable moments. In 2015, the company opened six pilot Macy’s Backstage off-price stores in the New York City area. CELEBRATING THE MAGIC OF MACY’S Clearly, Macy’s is distinctly different from other major retailers. We sell the most-wanted brands such as Calvin Klein, Charter Club, Estée Lauder, I.N.C, Michael Kors, Ralph Lauren, Sean John, Style&Co.,Thalía Sodi and Tommy Hilfiger. Macy’s embraces customers and strives to provide an experience that transcends ordinary shopping. Our DNA includes special events that are magical – the Macy’s Thanksgiving Day Parade, Fourth of July Fireworks, flower shows...
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...UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2014 OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-01011 CVS HEALTH CORPORATION (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) One CVS Drive, Woonsocket, Rhode Island (Address of principal executive offices) 05-0494040 (I.R.S. Employer Identification No.) 02895 (Zip Code) (401) 765-1500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Common Stock, par value $0.01 per share Title of each class New York Stock Exchange Name of each exchange on which registered Securities registered pursuant to Section 12(g) of the Exchange Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for...
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