Financial Statement Restatement Paper ***** ****** ACC/537 January 13, 2014 Financial Statement Restatement Paper MicroStrategy, Inc. went public in June 2008. It is a software company that had been identified as, “a successful, growing company with positive net income” (Krishnan & Mintz, 2007). Like many managers, the managers at MicroStrategy, Inc. wanted to make a quick profit by using aggressive accounting techniques that artificially boosted revenues, inflated earnings, and raised
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Name : Course: 5999 – Seminar in Professional Accounting Practice – Spring 2012 Subject : Eye Vision Inc Basic Revenue Recognition Principles ASC 985-605 stipulates that the following four criteria must be met before revenue can be recognized in software arrangements (provided that significant production, modification, or customization of software is not required): • Persuasive evidence of an arrangement exists. • Delivery has occurred. • The vendor’s fee is fixed or determinable. • Collectibility
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Memorandum To: Big Wig, CFO, Big Bear Power From: James Albert Date: March 24th, 2016 Subject: The Bear Minimum Statement of Relevant Facts: Big Bear Power and Goliath Company entered into a contract in which Big Bear leased a combustion turbine. * The contract was signed on December 15th, 2004, but did not begin until January 1st, 2005. * The contract lasts for 10 years and is non-cancelable * Big Bear pays $500,000 in legal counsel fees, and are required to pay $1,000,000
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when it recognises or reverses an impairment loss for the CGU during the period (IAS 36.130(d)(i)) • Disclosures did not provide description. • If they did, they lacked substance. • Users did not have an idea of the impact of the impairment on the financial activities. Explanation of the events and circumstances that contributed to the impairment loss or reversal (IAS 36.130(a)) • Disclosures were too broad and • Did not provide causes of the events and circumstances that led to impairment. • Revised
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will also discuss the criteria that the Sarbanes-Oxley act would apply to the case. I will also be determining whether the activities were equitable to the internal and external stakeholder and what would be the next step in decision making. Financial statements are designed to define the health and well-being of a company. It is necessary that the information that is
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1. What were the problems faced by Income in this case? How were the problems resolved by the new digital system? Problemet qw hasi kompania e sigurimeve “Income” pwrpara futjes nw pwrdorim tw software eBao LifeSystem, ishin tw mwdha dhe tw ndara nw 2 periudha kryesore. Periudha e parw i pwrkiste kohws sw mbajtjes sw tw gjitha tw dhwnave tw klientwve nw sisteme informacioni fizike, pra tw bazuara nw blloqe dhe fleta. Tw dhwnat nuk kishin njw bzw tw dhwnash kompjuterike dhe /do lwvizje e nevojshme
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Is due to consider the income of Lighthouse like a hybrid between equipment and service, like a single package? • Which is the effect to have two contracts? II. FSAB Applicable to Lighthouse Case. At the moment there are several FASB (Financial Accounting Standard Board) ansd its ASC (Accounting Standard Codification) applicable to the presented situation. Also settle down some SEC (Staff Accounting Bulletin) and EITF (Emerging Issues Task Force) applicable to the controversy.
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Are Australian’s being short changed on healthcare due to activity based funding? Activity based funding (ABF) is a common practice being used around the world and in some Australian hospitals. This essay will examine the practice and determine if value is being added by using ABF and how that effects costing within hospitals. ABF is the process of receiving funding from the government based on the type and volume of procedures provided to patients. Similar activities are grouped together and classified
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1.0 Introduction Merbatty is a boat building industry which was formed 33 years ago by its current Chairman, Alberto Blanc. Currently, it has two boat building facilities in Europe and USA. Besides, Merbatty planned of opening the third building facility in Surania. SWOT analysis Strengths 1. A sale is secured through sales agent. 2. Advanced information technology 3. Long-term relationship with suppliers. 4. Well-known and high profile. 5. Customization product. 6. Just-in-time
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standards. Hence, all the Islamic banks must make the adoption of AAOIFI as a requirement. In our opinion, we strongly agree that Islamic banks should follow AAOIFI accounting standards so the financial statements can be prepared as comparable, transparent, relevant and reliable to the users of financial statements. Besides, there is no need for Islamic bank to be comparable or to compete with
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