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Case 06-7: Crazy Computers

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Case 06-7: Crazy Computers

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PROFESSOR’S DISCUSSION MATERIALS Objectives of the Case This case gives students an opportunity to evaluate revenue recognition issues regarding extended warranty contracts. Applicable Professional Pronouncements ASC 605-20, Revenue Recognition: Services (ASC 605-20) (FASB Technical Bulletin No. 90-1, Accounting for Separately Priced Extended Warranty and Product Maintenance Contracts (Technical Bulletin 90-1)) ASC 944, Financial Service — Insurance (ASC 944) (FASB Statement No. 113, Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts (Statement 113)) FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises (Concepts Statement 5) SEC Division of Corporation Finance, Frequently Requested Accounting and Financial Reporting Interpretations and Guidance, Part I(J), Accounting for Extended Warranty Plans (SEC Financial Reporting Interpretations and Guidance) Discussion ASC 605-20 specifies the accounting for separately priced extended warranty contracts. ASC 605-20 provides the following definitions for “Extended Warranty,” “Product Maintenance Contracts,” and “Separately Priced Contracts”: Extended Warranty An agreement to provide warranty protection in addition to the scope of coverage of the manufacturer’s original warranty, if any, or to extend the period of coverage provided by the manufacturer’s original warranty. Product Maintenance Contracts An agreement to perform certain agreed-upon services to maintain a product for a specified period of time. The terms of the contract may take different forms, such as an agreement to periodically perform a particular service a specified number of times over a specified period of time, or an agreement to perform a particular service as the need arises over the term of the contract. Separately Priced

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