Proposed Revision for Revenue Recognition Xin Yan Introduction Since 2002, the International Accounting Standard Board (IASB or collectively the boards) and the Financial Accounting Standards Board of US (FASB or collectively the boards) have been working together on a project to revise and converge IFRS and US GAAP on revenue. Consequently, the Boards have jointly issued two exposure drafts outlining proposed changes. The latest one was published in November 2011 with public comments
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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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Duties of the seller in a C.I.F contract and its counterpart: the right of rejection of the buyer ‘A C.I.F. contract ... is a type of contract which is more widely and more frequently in use than any other contract used for the purposes of sea-borne commerce’ . Nowadays, it is necessary to ensure the international trade throughout the world and in so doing, a seller and a buyer coming from different countries and entering into a contract of sale can have various interpretations about
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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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Sounds adopts the Replaceable Rules in the Corporations Act 2001, with an extra clause in its constitution. Under S 124, Sounds is capable of entering into contracts in its own name, and under S 126, an individual acting with Sounds' express or implied authority can exercise its power to enter into a contract on behalf of the company. Therefore, the question is on what authorities each agents had when entering into a contract with Audiophiles and Bill’s. AUDIOPHILES The first issue is whether
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IT Infrastructure Support Services Proposed to: Regional Office, Sarva UP Gramin Bank, Badaun Proposed by: Rapidtech IT Services Pvt Ltd. Non-Disclosure Agreement The information contained in this document is proprietary to Rapidtech IT Services Pvt Ltd. The evaluation Committee shall not reproduce or make the information in this document available in any manner to persons outside the Committee. These services are provided by Rapidtech
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meeting. Once she cooked it, it turned out tough and gamey. Sue could have taken the meat back to the supermarket and asked for her money back or for an exchange claiming that the butcher did not give her the best beef roast. Under the UCC’s Implied Warranty of Merchantability and Usage of Trade, Vons supermarket has the duty to sell food that are fit for the ordinary purposes for which the food is used for. In this case, when Sue asked for the best beef roast, the merchant, (the butcher), had the
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Introduction: Simply, law can be explained as a collection of rules which are mainly created by a particular state or state government & the state, as an authority, is responsible for enforcing the law made within its jurisdiction via using various kind of sanction. While talking about law we should have a clear idea about three basic concept power, fascination & importance.Sources of law are also importance which can be constitutions, statue, common law, administrative law, equity etc. In business
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CONTRACT LAW 2012/2013 CONTRACT LAW Content: Formation of contract. Vitiating factors. Terms. Privity of contract. Discharge of contractual obligations. Remedies. Limitation of actions. BEA1003/BEA1003A 2 Contract FORMATION OF CONTRACT A contract was defined in the 19th century by Sir Frederick Pollock as “A promise or set of promises which the law will enforce”. The requirements of a valid contract are: 1.Agreement. 2.Consideration. 3.Capacity . 4.Intention to create legal relations
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