Medicis was reporting allowances for sales returns based on replacement cost rather than sale price, which resulted in their revenues being materially overstated. The order sites SFAS 48 (also consistent with ASC 605-15-25) which provides guidance criteria for sales transactions with rights to return. PCAOB concluded that the transactions in the scope of this issue have met all the necessary criteria from Paragraph 6 of SFAS 48 (for the sake of space Paragraph 6 was omitted from this memo). The requirement
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AUD Auditing & Attestation Roger Philipp, CPA AUDIT Written By: Roger Philipp, CPA Roger CPA Review 1288 Columbus Ave #278 San Francisco, CA 94133 www.RogerCPAreview.com 415-346-4CPA (4272) AUDIT Table of Contents Introduction…………………………….………………………………..………………1 AUDIT-1 Audit Standards & Planning…………………………………………….…………….…...2 AUDIT-2 Internal Control…………………………………………………………………….………...3 AUDIT-3 Audit Evidence…………………………………………………………….………………....4 AUDIT-4 Audit Sampling......
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Task 2 A. HRIS Team Organization Chart * 2.A.1, 2, 3: HRIS Project Team Roles, Recommended Team Members, and Justification. Role | HRIS Project Organization | Team Member | Justification | HRIS Project Sponsor | PM reports directly to HRIS project sponsor. | Ashley Burrici, Director of Human Resources | Responsible for the HRIS project’s business case, justification of same, is held accountable for realizing the HRIS project benefits. Also required to provide oversight of the
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retirement obligation measurable? SUMMARY CONCLUSION ON ACCOUNTING QUESTIONS 1. The asset retirement obligation should be recognized as liabilities. The law requiring special handling and disposal of asbestos is considered as an unambiguous requirement gives rise to an asset retirement
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Date:-08/10/2014 LJB Company :- Internal control No | Particular | Page no | 1 | Introduction | 1 | 2 | Topic 1 Explanation | 1-2 | | Internal control requirement | | 3 | Topic 2 Explanation | 2-3 | | Internal control requirement | | 4 | Topic 3 Explanation | 3-4 | | Internal control requirement | | 5 | Summary of recommendation | 5 | 6 | conclusion | 6 | case study 2 solution Dear president of LJB Company, * If the LJB Company should decide to become
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This memo includes research on leases and lease structure. Through intensive research on the Financial Accounting Standards Board (FASB), three sub-types of leases were found for lessors to account for the leases. The three sub-types are direct financing, sales-type, and operating leases. The international accounting standards board (IASB) and FASB are proposing a draft for lease accounting. The critics are disputing some of the concerns with operating lease financial reporting. This memo will address
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Course Schedule Course Modules Review and Practice Exam Preparation Resources Module 1: Conceptual issues in assurance Overview This module builds on the fundamental concepts of auditing and other assurance services introduced in your prerequisite auditing course. It begins with an overview of the key drivers in the demand for audits, and then surveys current challenges and issues such as the audit and regulatory environment and the expectation gap. You will also study issues related
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Meeting your accounting needs through ADempiere Account Payables As part of ERP implementation, we have come across a lot of simple as well as complicated demands from the customer. While Walking Tree has been successfully customizing Adempiere for its client, we intend to share some of our experience over here to enable the customer as well as development community to make effective use of Adempiere. As part of this article, we will explain how Adempiere can be used to manage account payable
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for revenue recognition. The case scenarios describe transactions in which students must decide whether, when, and how much revenue to recognize. The issues analyzed involve bill-and-hold, multiple-element arrangements, gross versus net revenue reporting, and sales incentives. The cases are also designed to improve teamwork and communication skills. The sequence of cases is intended for use in an intermediate accounting class that covers revenue recognition, or in a capstone class that emphasizes
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employees can select (K Colbert, Memo, March 22, 2004). To make this a smooth transition to the new benefit plan, Colbert is directing the development and installation of a benefit election system to support the tracking and reporting of employee (union and non-union) benefits (Apollo Group Inc., 2011). With the new benefit system coming online brings new security requirements and possible risks that must be addressed. This document will list some of those security requirements and risks of the Benefits
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