4. Would your answers to the the question 1, 2, and 3 change under IFRS? Explain your answer supported by the reference from IFRSs. Differences between U.S. GAAP and IFRS with regard to errors are that GAAP indicates a generally stricter interpretation of how the error should be handled. Regarding question #1, GAAP states that all prior periods affected should be re- stated and balances rolled forward accordingly.
The key words of the search are “liabilities” and “debt”. Per ASC 470-10 (Debt-Overall): 45-11 Current liabilities shall include long-term obligations that are or will be callable by the creditor either because the debtor's violation of a provision of the debt agreement at the balance sheet date makes the obligation callable or because the violation, if not cured within a specified grace period, will make the obligation callable. Accordingly, such callable obligations shall be classified as current liabilities unless either of the following conditions is met: a. The creditor has waived or subsequently lost
A county or municipal authority usually grants a certificate of occupancy for new construction only after what happens? c) The construction complies with building codes. Correct 3. “Let’s not do business with AVC Real Estate Company; they discount their commissions” is an example of what? a) Price fixing.
rejection by entering into a substitute transaction, he is excused from performance obligations B. Determined by Little condition is not completely within the promisor's control C. Sufficient cause An agreement that gives one party an unfettered right to terminate at any time will be interpreted to require “reasonable notice,” thus placing a limitation on that party's freedom sufficient to satisfy the consideration requirement 1. Certain terms (open) buyer is constrained to request amounts that are not unreasonably disproportional there is clearly consideration for the modification and it is enforceable the modern rule, an offer for a unilateral contract becomes an option for the offeree 2.
Your Answer: $400 $440 $500 $0 5. Which of the following is not considered "constructive receipt" of income? Your Answer: A payment on a sale of real property was placed in escrow on December 16, 2009, but not received by Ms. B until January 10, 2010, when the transaction was closed. Ms. K was informed her check for services rendered was available on December 16, 2009, but she waited until January 16, 2010 to pick up the check. Earned income of Mr. D was received by his agent on December 30, 2009, but not received by D until January 3, 2010.
At the end of September 1980, the purchaser; Gantos decides to cancel this purchase order and it was said that this order had been done sooner than this delivery of the merchandise (Mallor, et al., 2007). It is reasonable on the behalf of Gantos (the purchaser) since this buy-out order points to a clause such as this purchaser having all rights to cancel this buy-out order (Mallor, et al.,2007). Of the favor, the purchaser terminated this order for this merchandise of which had not been delivered and it does not matter why of any kind. In this situation, I believe that no matter what if the purchase order promotes to 20 up to 22 percent of Gianni Sport's business (Mallor, et al., 2007). The reversal of the purchase order is made before shipment within the merchandise.
Case 13-8 Accounting for a Loss Contingency for a Verdict on Appeal In this case we are presented with the scenario that a company faces a pending litigation. We are supposed to surmise how this liability will be reported, as well as, the resulting effects on the financials in the years in question. In my opinion, the primary accounting to be resolved is whether to accrue the liability, disclose the liability or simply count it is as immaterial and do nothing. As we progress through the scenario we are presented with subsequent facts which suggest that our decisions will indeed be impacted and changed due to litigation and we must act accordingly. The following are the questions asked by the case and my understanding of applicable GAAP.
Therefore, NeedsSpace should amortize the leasehold improvements over ten years. Assuming WeHaveIt exercises the second provision when the lease term expires, NeedsSpace is contractually obligated to remove the leasehold improvements (410-20-15-3e). NeedsSpace will then recognize the fair value of the liability as an asset retirement obligation (ARO) in the period it is incurred and reasonably estimable (ASC 410-20-25-4). Since the liability is recognized as an ARO, we record the liability in conjunction with the amortized leasehold improvements (ASC
Litronic Industries, 1994. FACTS: Litronic offered to sell electronic components to Northrop for a weapons system; the offer contained a limited 90-day warranty. Northrop accepted the offer on terms providing for an indefinite warranty. After 90 days, Northrop tried to return some of the wire boards as defective. Litronic refused to accept them, arguing that he 90-day warranty period had lapsed.
NBER WORKING PAPER SERIES UNTIL IT’S OVER, OVER THERE: THE U.S. ECONOMY IN WORLD WAR I Hugh Rockoff Working Paper 10580 http://www.nber.org/papers/w10580 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2004 The views expressed herein are those of the author(s) and not necessarily those of the National Bureau of Economic Research. ©2004 by Hugh Rockoff. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Until it’s Over, Over There: The U.S. Economy in World War I Hugh Rockoff NBER Working Paper No.