06856‐5116 Re: File Reference: No. 1820‐100, Revenue Recognition (Topic 605) – Revenue from Contracts with Customers Dear Technical Director: Ameriprise Financial, Inc., one of the nation’s leading financial planning, asset management and insurance companies, appreciates the opportunity to offer comments with respect to the Proposed Accounting Standards Update, Revenue Recognition (Topic 605) – Revenue from Contracts with Customers (the “Proposed Statement”). We support the FASB’s efforts to develop
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timing, and extent of revenue from contracts with customers and requires more stringent disclosures to enable the end user to develop a thorough understanding of the process. This requires the company to identify a contract with a customer, identify the specific performance obligations, and determine the agreed upon transaction price for the contract. Next, the entity must allocate the agreed upon transaction price to the performance obligations expressed in the contract, including any discounts offered
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users of financial statements when it comes to assessing the financial performance of an organization, it was vital for the boards to collaborate on creating a universal standard for recognizing revenue making comparability between companies that much easier. On May 28, 2014, a final version of these new standards were officially issued as a joint standard, for both FASB and IASB, on the recognition of revenue from contracts with customers, which is referred to as “ASC 2014-09” (Bramwell, 2014)
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Contract Creation and Management Assignment Paper George Van Hoosier LAW 531 June 26, 2012 Dr. Beverly Spencer Contract Creation and Management The scenario presented is on contractual conflicts. In summary, a software development company and a hotel company entered into a business partnership to develop an electronic reservation system for the hotel company. The groundwork of the plan changed and obfuscated what was expected by both parties. These changes were not communicated well enough
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going into a contract for supplies, services, or construction, has a primary goal of obtaining timely performance in tune with the contracts specification. Another goal of the government is to preserve the integrity of the competitive procurement system. In order to ensure that these goals are adhered to, various clauses are added to the contract that will give the government the ample rights to monitor performance and be able to take the necessary steps when it feels that the performance is unsatisfactory
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suit for breach of contract against Masterpiece Construction. Grocery’s request for specific performance is burdensome because Masterpiece Construction does not have enough labor to complete the contract for Grocery, Inc., thus creating a hardship for Masterpiece Construction. The personal service contract is the main reason the courts would not grant such a request because the “courts would find it difficult or impracticable to supervise or monitor performance of the contract” (Cheeseman, 2004
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The given set of factors requires a discussion of the rules relating to formation of a contract, particularly focusing on offer and acceptance. According to the section 2(h) of Indian Contract Act 1872, “An agreement enforceable by law is a contract.” There should be two items which are objected to make contract are (i) An Agreement and (ii) Legal Obligation. In section 2(e) defines that, “Every promise and every set of promises, forming the consideration for each others, is an agreement.” From
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Solicitation Planning, Solicitation, Source Selection, Contract Administration, and Contract Close-Out • Be familiar with Input, Tools and Techniques, and Output for each phase) • VERY IMPORTANT: Understand the viewpoint of the PMBOK. Project Procurement Management is discussed from the perspective of the buyer in the buyer-seller relationship. The buyer is the organization seeking the service or product. The seller is the provider of the service or contract and is referred to as the vendor, the supplier
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Chapter 7 CONTRACTS PERFORMANCES: CONDITIONS, BREACH, AND REMIDIES PG 160 NATURE AND EFFECTS OF CONDITION -What is condition CATEGORIES OF CONDITIONS -condition precedent or condition subsequent -concurrent conditions PG 161 GOOD FAITH PERFORMANCES AND DISCHARGE - Good faith - Discharge - Tendering goods - Perfect performance PG 162 SUBSTANTIAL PERFORMANCES -substantial performance PG 164 OTHER EVENTS OF DISCHARGE -mutual consent -Operation of law MUTUAL CONSENT -Recission
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to return the car and get a refund of the purchase price from Motor Dealers. Motor Dealers refused saying that it believed its statements were true. ADJ recently entered into a contract with XY Partnership for the extension and renovation of their office premises to be completed by 26 March 2010. Their contract contained the following clause 12: “XY Partnership agrees to pay ADJ the sum of $3,000 per day by way of liquidated damages, in respect of unfinished work
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