TRIDENT UNIVERSITY Jennifer Lapus MODULE 2/ Case Assignment 2 ACC201 Financial Accounting/Case 2 29 August 2012 Case Assignment: There are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below. Part I. * Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes? * Explain the difference between a
Introduction This assignment features the recognition and measurement of revenue depending on the source of revenue in accordance with the provisions of International Accounting Standards (IAS) 18 Revenue. I researched the topic and defined the special purposes of the assignment: first of all, it is important to know the main concepts of IAS 18, also to learn the rules by using this particular regulatory framework, and to get knowledge about writing the report at all.
REVENUE ACCOUNTING ASSIGNMENT 2 – BUSINESS REPORT Name : Jea Sun Lee Student Number : N9558195 Word Count : 1000 words Table of Contents EXECUTIVE SUMMARY 5 1.0 Introduction 6 2.0. Research and Evaluation 7-8 3.0 Future Implications of adopting AASB 15 for Australian companies 9 4.0 Conclusion 10 Reference List 11-12 EXECUTIVE SUMMARY The International Financial Reporting Standards (IFRS) Foundation and the International Accounting Standards Board (IASB) are a global language
ACCOUNTANCY 301 ACCOUNTING MEASUREMENT & DISCLOSURE FALL 2011 COURSE SYLLABUS Po-Chang Chen University of Illinois at Urbana-Champaign 434 Wohlers Hall pchen28@illinois.edu 217-333-4527 Syllabus Content Content Course Overview & Objectives Course Materials Prerequisite Learning (Teaching) Philosophy Getting Help Class Procedures Assessment Written Assignments Balanced Scorecard Project Measurement Project Examinations Professionalism Potential Extra Credit Opportunities Potential Course
Issue: * issue of revenue recognition. Homex was recognizing revenue from its modular units prior to the date on which an actual sale had taken place * allocation of profit between divisions, the capitalization of expenses, and the meaning of 'working capital ' in a specific setting Case Facts Stirling Homex 's customers consisted primarily of public housing authorities who looked to Federal government housing programs as sources of financing for their proposed projects. The programs
Introduction & Intent of Project The International Accounting Standards Board (IASB) and The Financial Accounting Standards Board (FASB) have undertaken a joint revenue recognition project that clarifies the principles for recognizing revenue that can be applied consistently across various transactions, industries, and capital markets. This project will apply to all contracts with customers except leases, financial instruments and insurance contracts. The joint project will attempt to remove
INTRODUCTION Revenue recognition is one of the top causes for financial statement restatements. In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment letter process. Furthermore, revenue recognition is often prey to financial fraud. Coverage of revenue recognition in intermediate accounting courses is typically limited to learning and applying the criteria for revenue recognition outlined
MGAC01 – Case Assignment # 1 Manan Patel 1000759752 LEC 01 Yiheng Fu 1000366098 LEC 01 Date: December, 31st 2009 To: CFO of SPI From: Manan Patel and Fu Yiheng, Accounting Manager Subject: Revenue Recognition of 2009 Role: I am an accounting manager for SPI and responsible for recognizing the revenue for the four contracts undertaken during 20X9. While reconsidering the revenue recognition, I am also to identify the impact on its SFP and SCI while trying maximize to obtainable amount
research titled “The SEC’s Renewed Focus on Accounting Fraud” about the SEC initiative on accounting fraud detection and misleading disclosure by implementing the Accounting Quality Model (AQM) using the Extensible Business Reporting Language (XBRL) (p.68). Boyle et al. mentioned Craig M Lewis, director and chief economist of the SECs Division of Economic and Risk Analysis, described AQM as a highly technical robust tool on detecting fraud and other accounting anomalies, while others called it “Robocop”
Assignment 4-4 Shane Rittenhouse Acct.310 Ann Remely 6/5/13 Issue During the fourth quarter of 2010 Green Mountain Coffee Roasters had some accounting irregularities become known to the public. Green Mountain’s problems all started from how they recognized income, though intercompany inventory and third party vendor. After the SEC inquiry, Green Mountain’s accounting irregularities spanned three fiscal years and three fiscal quarters. Starting with fiscal year 2007 and running through