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Below is an essay on "Body and" from Anti Essays, your source for research papers, essays, and term paper examples.

Body and Soul Fitness

***ROUGH WORK*** Only write for lines based on this information.

Your Role   Keep in mind what you are required to do. You don’t have to tell the client what she hired you for.
  * we have to discuss appropriate accounting treatment for accounting issues client is facing.

User and their needs - Only think about the primary ones
  * USER = Bank
  * Try to make the make the F/S (estimates) look good without breaking standards
  * Objective is to see whether Investory and A/R are valued correctly
  * Management compliance with the covenant
  * Predicting Cashflow

Conflicts – making a choice between 2 users to objectives
  * No conflicts in this case

  * Use of ASPE

To Carol

I have reviewed the financial information and notes from meeting with you and have outlines below my recommendations, revised Inventory and Account Receivable amounts

As requested by the bank, the recommendations have been prepared in accordance with ASPE standards, which is an account framework and guide for preparing financial statements.

The main objective of this report is to provide guidance on accounting for specific issues and come up with a revised inventory and accounts receivable balances.

Analysis – Issues ( Don’t number issues)

Revenue Recognition: Prepaid Membership

Under ASPE, revenue is recognized when the earning process is substantially complete (Critical Event) and when the risks and rewards of ownership pass, the earnings process must first be identified as follows:

Alternative : Recognize full revenue when the contract was signed.
The following would support recognizing revenue at this time:
  * The agreement is made up-front
  * Some cash is received up-front
  * The fee is non-refundable and   non-cancellable
  * Costs are not measurable

The signing of the initial agreement is really the critical event in the earnings process. At this point, revenues are measurable by...

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