need for a Savior. Comment on this in the light of the detailed accounting rules and regulations intended to prevent investors from being defrauded, and the multi-billion dollar worldwide auditing profession that is intended to add credibility to financial statements. As a Christian, I understand that it is God’s saving grace that keeps me on a daily basis. If it was not for this undeserved grace, I do not know where I would be. Most people do not believe themselves to be sinners because they do
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first issued IFRS 9 Financial Instruments in November 2009, which dealt with the classification of financial assets and aspects of their measurement (Anna-Maija Lantto, Petri Sahlstrom, 2009). Consequently, the AASB first issued AASB 9 Financial Instruments in December 2009. After that, the IASB re-issued IFRS 9 in October 2010, setting out requirements for the classification, and aspects of measurement, recognition and derecognition of both financial assets and financial liabilities. Most of
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evaluating its financial stability. The aim of conducting a financial analysis is to determine whether the acquisition will result into attainment of the desired synergy. In most cases, acquisitions are characterized by a 50-50 probability of succeeding. In the event of financial instability, the probability of attaining the desired synergy is limited. Upon conducting a financial analysis of the firm’s financial statements, it was evident that the firm was facing a serious financial instability.
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1. Is Eye Vision’s arrangement with Holland Hospital within the scope of ASC 985-605, Software: Revenue Recognition? In this case, the main content of the Eye Vision’s arrangement with Holland Hospital include embedded software medical equipment and an initial option to purchase a two-year separately priced maintenance agreement. In this case, because “Eye Vision has never sold, nor does it offer to sell, the Clear View Laser without the embedded software because the software is necessary to perform
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The American Red Cross predominately uses Enterprise Funds for its accounting for their revenues. Since the group does receive about 26% of their revenue through donations, based on the 2011 financial statements, these contributions are usually restricted. They are restricted in a couple different ways; unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. And because of these types of restrictions, Enterprise Funds do work best for the Red Cross in order
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discussion. Citations are not required for journal entries. 1.What are the accounting issue(s) and the relevant components of the authoritative literature? 2.When should CCPC recognize the effects of the Fresh & Bright coupon drop in its financial statements? 605-50-25-3 25-3 For a sales incentive offered voluntarily by a vendor and without charge to customers that can be used or that becomes exercisable by a customer as a result of a single exchange transaction, and that will not
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Deliverables for the Arrangement The deliverables for this arrangement are as follows: • Research and development • Licensing combined with research and development • The Five payments milestones as a whole An Example given in FASB 605-25-55-46 states, “The license deliverable does not meet the first criterion for separation. The license does not have standalone value to Pharma. Because Drug B has not yet been developed, the license is of no value to Pharma without the ensuing research and development
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standard had been amended several times during 2003, 2004, 2005 and 2008. The standard became highly popular due to its complexity during the global financial crisis. There were many critisms about the IAS -39 like: 1. Fair Value accounting was said to have created cycles of accounting write downs and distressed selling of assets during the financial Crisis. 2. The application of IAS-39 impairment model for loan loss provisions results in delayed recognition of losses. 3. The over
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ACCT 340 Exam #2-Fall 2013 Take Home Discussion Question (10 points) Due on Tuesday, November 12, 2013 at the beginning of class Instructions: Read the “Refer-a-Friend Program” Case. You have just been hired by Runway Discount as the assistant controller and one of your first tasks assigned to you by the controller is to evaluate the company’s accounting treatment of the “Refer-a-Friend Program” described in the case. The controller expects you to research the case and have your written
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1. Is Eye Vision’s arrangement with Holland Hospital within the scope of ASC 985-605, Software: Revenue Recognition? In this case, the main content of the Eye Vision’s arrangement with Holland Hospital include embedded software medical equipment and an initial option to purchase a two-year separately priced maintenance agreement. In this case, because “Eye Vision has never sold, nor does it offer to sell, the Clear View Laser without the embedded software because the software is necessary to perform
Words: 1855 - Pages: 8
