This document summarizes key points from a presentation on minimizing purchase price disputes. It discusses using consistent accounting standards and methods, structuring earn-out provisions carefully, and including detailed provisions for post-closing purchase price adjustments. Consistently applying GAAP is important to avoid disputes, as is defining accounting metrics like revenues, EBITDA, and allowable adjustments in the purchase agreement. Sample contract language is provided for provisions regarding the allowance for loan and lease losses and definitions of terms like net sales and EBITDA.
This chapter discusses revenue recognition principles and guidelines. It covers recognition at the point of sale, before delivery for long-term contracts using the percentage-of-completion or completed-contract methods, and after delivery using installment, cost recovery or deposit methods. It also addresses departures from the sale basis, such as sales with buyback agreements or rights of return, and improper practices like trade loading and channel stuffing.
Revenue Recognition In IFRS By Yash BatraYash Batra
Detailed Presentation on revenue recognition as per IFRS. Accounting on revenue recognition is critical especially when World has defined path to follow IFRS accounting and reporting of its financial. I have tried to capture all critical aspects of revenue recognition in this presentation.
The document discusses the key aspects of the new revenue recognition standard and its potential impacts on the construction industry. It provides an overview of the standard, including the five-step process for recognizing revenue: 1) identify contracts with customers, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. It notes that while the approach will be different, revenue may be similar to percentage-of-completion. It also addresses contract modifications, variable consideration, and time value of money.
Here are the journal entries to record the percentage of completion for the year ended December 31, 2010:
1) Costs incurred for year 2010: $500,000
DR: Construction in Process
CR: Cash
$500,000
$500,000
2) Compute % complete:
Costs incurred to date/Estimated total cost
$3,500,000/$4,000,000 = 87.5% complete
3) Revenue to recognize = Contract price x % complete
$8,400,000 x 87.5% = $7,350,000
4) Revenue for 2010 = Revenue to recognize - Revenue recognized in prior years
= $7,
Under the new standard, Company A's gross margin percentage will decrease from 40% to 33% due to the impairment loss reducing net revenue rather than being reported below the line as bad debt expense.
The document discusses various aspects of measuring and recognizing revenue, including:
- Two key requirements for revenue recognition are transfer of ownership/risk and collectability.
- Timing of revenue recognition depends on factors like production cycle, delivery, and risk of collection.
- Related expenses must be measured and matched to the period of revenue recognition, such as cost of goods sold, provisions for bad debts, and warranty costs.
- Special cases like long-term contracts, interest/royalty income also discussed.
The document discusses establishing effective internal controls over revenue recognition for medical technology companies. Key points include communicating revenue recognition policies throughout the organization, establishing controls to ensure adherence to policies and prepare for audits, and focusing on areas of highest risk like estimates and accounting for multi-element arrangements. It provides an overview of the new revenue recognition standards and emphasizes the importance of training, documentation, and ongoing monitoring to implement the changes required.
Intermediate Accounting . CH 18 . by MidoCoolMahmoud Mohamed
This document provides learning objectives and content on revenue recognition principles and methods. It discusses recognizing revenue at the point of sale, before delivery using the percentage-of-completion and completed contract methods, and after delivery using installment sales and cost recovery methods. It also addresses accounting for long-term contract losses and disclosure requirements.
This chapter discusses revenue recognition principles and guidelines. It covers recognition at the point of sale, before delivery for long-term contracts using the percentage-of-completion or completed-contract methods, and after delivery using installment, cost recovery or deposit methods. It also addresses departures from the sale basis, such as sales with buyback agreements or rights of return, and improper practices like trade loading and channel stuffing.
Revenue Recognition In IFRS By Yash BatraYash Batra
Detailed Presentation on revenue recognition as per IFRS. Accounting on revenue recognition is critical especially when World has defined path to follow IFRS accounting and reporting of its financial. I have tried to capture all critical aspects of revenue recognition in this presentation.
The document discusses the key aspects of the new revenue recognition standard and its potential impacts on the construction industry. It provides an overview of the standard, including the five-step process for recognizing revenue: 1) identify contracts with customers, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. It notes that while the approach will be different, revenue may be similar to percentage-of-completion. It also addresses contract modifications, variable consideration, and time value of money.
Here are the journal entries to record the percentage of completion for the year ended December 31, 2010:
1) Costs incurred for year 2010: $500,000
DR: Construction in Process
CR: Cash
$500,000
$500,000
2) Compute % complete:
Costs incurred to date/Estimated total cost
$3,500,000/$4,000,000 = 87.5% complete
3) Revenue to recognize = Contract price x % complete
$8,400,000 x 87.5% = $7,350,000
4) Revenue for 2010 = Revenue to recognize - Revenue recognized in prior years
= $7,
Under the new standard, Company A's gross margin percentage will decrease from 40% to 33% due to the impairment loss reducing net revenue rather than being reported below the line as bad debt expense.
The document discusses various aspects of measuring and recognizing revenue, including:
- Two key requirements for revenue recognition are transfer of ownership/risk and collectability.
- Timing of revenue recognition depends on factors like production cycle, delivery, and risk of collection.
- Related expenses must be measured and matched to the period of revenue recognition, such as cost of goods sold, provisions for bad debts, and warranty costs.
- Special cases like long-term contracts, interest/royalty income also discussed.
The document discusses establishing effective internal controls over revenue recognition for medical technology companies. Key points include communicating revenue recognition policies throughout the organization, establishing controls to ensure adherence to policies and prepare for audits, and focusing on areas of highest risk like estimates and accounting for multi-element arrangements. It provides an overview of the new revenue recognition standards and emphasizes the importance of training, documentation, and ongoing monitoring to implement the changes required.
Intermediate Accounting . CH 18 . by MidoCoolMahmoud Mohamed
This document provides learning objectives and content on revenue recognition principles and methods. It discusses recognizing revenue at the point of sale, before delivery using the percentage-of-completion and completed contract methods, and after delivery using installment sales and cost recovery methods. It also addresses accounting for long-term contract losses and disclosure requirements.
Accounting Standard 9 provides guidance on revenue recognition. It defines revenue as the gross inflow of cash from the sale of goods and services or use of enterprise assets. Revenue is recognized when it is earned and realized or realizable. For sales of goods, revenue is recognized at the point of sale. For services, revenue is recognized as services are performed or completed. Revenue from the use of assets is recognized as time passes. There are specific rules for long-term construction contracts and transactions where collectability is uncertain.
The document summarizes key changes in the final FATCA regulations that impact insurance companies. Four changes stand out: 1) A new de minimis rule excludes insurance contracts with cash values under $50,000 from being considered financial accounts; 2) Insurance definitions were simplified; 3) Changes to the definition of cash value insurance contracts add exemptions to reduce contracts treated as financial accounts; 4) Insurance companies paying death benefits are no longer required to obtain beneficiary documentation unless they know the beneficiary is a US person. These changes reduce the number of insurance products and customers impacted by FATCA requirements.
This document discusses guidelines for revenue recognition under accounting standards. It covers the principles that revenue should be realized or realizable and earned. It describes different methods of revenue recognition that may be used, such as at the point of sale, before or after delivery, or over time using percentage of completion. It also discusses alternative accounting methods used for long-term contracts. Additionally, it covers potential issues with revenue recognition like sales with rights of return, discounts, or buyback agreements. Special transactions involving consignment or principal-agent relationships are also addressed.
The proportionate completion method is
appropriate where performance consists of the
execution of more than one act. Revenue is
recognised based on the performance of each act.
2. Completed Service Contract Method
Performance consists of single act or where services
are rendered by indeterminate number of acts over a
specific period of time. Revenue is recognised when
the single act is completed or when the contract is
completed or substantially completed.
This document provides details on Neil Macdonald's qualifications, career history, education, and objectives for a session. He has over 30 years of progressive business and project management experience, as well as formal management and financial training. His career history includes roles as a solutions consultant, Dynamics GP consultant, and manager of IT and process improvements. He holds several professional certifications related to accounting, project management, and Microsoft technologies. The session agenda and objectives are not included in this document.
The document discusses the key changes and challenges in implementing the new revenue recognition standard Ind AS 115, which is based on IFRS 15. Some of the significant changes include focusing on control rather than risks and rewards for timing of revenue recognition. It also requires identifying separate performance obligations in contracts and allocating the transaction price to each. This will impact industries like telecom and software development. Other challenges discussed are accounting for contract modifications and transactions containing financing elements.
- Ind AS 115 replaces existing revenue standards and provides a single comprehensive model for revenue recognition. It is effective for annual periods beginning on or after April 1, 2018.
- The key change under Ind AS 115 is the requirement to recognize revenue when a customer obtains control of promised goods or services rather than when risks and rewards are transferred. Control is defined as the ability to direct the use and obtain the benefits from the goods or services.
- Ind AS 115 introduces a five-step model for revenue recognition: 1) identify the contract with the customer, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate transaction price to performance obligations, and 5) recognize revenue when performance obligations are
Ind AS 115/ IFRS 15
Ind AS 115/ IFRS 15 will apply to most revenue arrangements, including construction contracts. Among other things, it changes the criteria for determining whether revenue is recognised at a point in time or over time and provides more guidance in areas where current IFRSs are lacking – such as multiple element arrangements, variable pricing, rights of return, warranties and licensing. The actual impact on each company’s top line will depend on the industry, specific customer contracts and how they have applied existing Standards.
Ind AS 116/ IFRS 16
Ind AS 116/ IFRS 16 represents the first major overhaul of lease accounting for over three decades. The IASB has long considered the existing split between operating and finance leases as problematic as it has resulted in too much structuring and offbalance sheet financing. Therefore Ind AS 116/ IFRS 16 has done away with the operating versus finance lease distinction and requires accounting of all leases to be ‘on-balance sheet’ for lessees.
The document discusses Slater and Gordon, a leading law firm that floated on the stock market in 2007. It analyzes the firm's financial performance and accounting policies related to revenue recognition under IAS 18 and the newly adopted IFRS 15. Key points:
1) Slater and Gordon saw rapid growth and high shareholder expectations through an acquisition strategy. However, profits and share prices declined sharply in late 2015 when the firm adopted stricter IFRS 15 revenue recognition rules.
2) Under IAS 18, revenue was recognized based on work completed. But IFRS 15 requires revenue to be "highly probable" and contractually agreed to be recognized. This led to large write-downs of
FASB Proposals Affecting Government ContractorsDecosimoCPAs
Robert Belcher and Ken Conner co-presented this PowerPoint at the 2012 RocketCity GovCon Conference hosted by Solvability in Huntsville, Ala. on Sept. 20, 2012.
The document provides an overview of Indian Accounting Standard 116 on lease accounting. Some key points:
1. Ind AS 116 replaces the dual classification model under Ind AS 17 and requires most leases to be recognized on the balance sheet by lessees. It aims to provide more transparent representation of leasing activities.
2. The standard applies to all leases with certain exceptions such as leases of biological assets, service concession arrangements, and licenses of intellectual property.
3. Lessees can elect to not apply the recognition requirements to short-term leases (under 12 months) and leases of low-value assets.
4. The standard defines a lease as a contract that conveys
This document summarizes key aspects of Accounting Standard 19 (AS-19) related to accounting for leases in India. It discusses the differences between finance and operating leases, and the accounting treatment for lessors and lessees under each. It also covers sale and leaseback transactions, tax implications, and disclosure requirements as per AS-19.
TEI-Presentation-Contingent-Liabilities-and-Deferred-Revenue-iDaniel C. White
The document discusses contingent liabilities and deferred revenue in M&A transactions. For contingent liabilities assumed by the buyer, the seller includes the estimated amount in income and may receive an offsetting deduction. If the liability is not fixed, the seller may not receive a deduction until it becomes fixed. For deferred revenue assumed by the buyer, under Pierce v. Comm'r, the seller includes the deferred revenue amount in income but receives an offsetting deduction, representing a deemed payment to the buyer for assuming the liability. The buyer takes assumed liabilities into income when they become fixed and determinable.
San Francisco Bay Chapter Ten Tax Concepts Rentals Real Estatetaxhowto
This document summarizes a presentation by Gerald Pusateri on tax concepts related to rental real estate. It discusses 10 key concepts: 1) basis considerations; 2) depreciation; 3) capital gains and losses; 4) the "triangle of gain" involving appreciation, depreciation recapture, and capital gains; 5) repairs vs improvements; 6) limits on rental losses; 7) treatment of disallowed passive losses; 8) exclusion of gain on home converted to rental; 9) renting to relatives below fair market value; and 10) selling to relatives below fair market value. The presentation aims to educate rental property owners and tax clients on these important tax issues.
The document summarizes the key points from a presentation on the IASB and FASB's joint project on revenue recognition. It outlines the 5 steps of the proposed revenue recognition model: 1) identify contracts with customers, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. It also discusses feedback received on the initial proposal and revisions being considered, including how to handle warranties, price variability, and financing components. The goal is to issue a converged standard by 2012.
IFRS 15 - the new revenue recognition standard EY Belgium
The IASB and the FASB have jointly issued a new revenue standard, IFRS 15 Revenue from Contracts with Customers, which will replace the existing IFRS and US GAAP revenue guidance.Find out more in our comprhensive brochure.
This chapter discusses accounting for cash and receivables. It defines cash as the most liquid asset and identifies items that are considered cash such as currency and bank deposits. Receivables are defined as claims against customers and others for money, goods, or services, and the main types are accounts receivable and notes receivable. The chapter explains the accounting issues around recognition, valuation, and disposition of accounts and notes receivable. It also describes how to report and analyze receivables in financial statements.
Ind AS 18 provides guidance on accounting for revenue. It aims to determine when to recognize revenue. Revenue is recognized when future economic benefits flow to the entity and can be reliably measured.
The standard addresses revenue recognition for sale of goods, rendering of services, and interest, royalties or dividends. For sale of goods, revenue is recognized when risks and rewards of ownership transfer. For services, revenue is recognized by reference to completion percentage. Interest is recognized using effective interest rate method, while royalties and dividends are recognized on an accrual basis.
The document also discusses concepts like deferred payment terms, non-cash transactions, and components of transactions. Disclosures required include revenue categories, accounting policies,
This presentation will also provide a year end update of the technical accounting standards (ASU’s), proposed standards that are in Exposure Drafts (ED’s), and the projects of the FASB going forward.
During the presentation attendees can expect to learn the following:
Gain an understanding of the most significant changes in accounting standards over the past 12 months
Become familiar with the proposed changes that the FASB has issued in Exposure Drafts
Acquire knowledge of the big projects that the FASB will address next
After this webinar attendees will be able to answer:
What changes has the FASB made over the past year?
How will these changes impact you and your organization?
What areas will the FASB focus on next?
Partner Janice Snyder discussed the recent changes made by the Financial Accounting Standards Board and how those changes will impact you and your organization.
Accounting Standard 9 provides guidance on revenue recognition. It defines revenue as the gross inflow of cash from the sale of goods and services or use of enterprise assets. Revenue is recognized when it is earned and realized or realizable. For sales of goods, revenue is recognized at the point of sale. For services, revenue is recognized as services are performed or completed. Revenue from the use of assets is recognized as time passes. There are specific rules for long-term construction contracts and transactions where collectability is uncertain.
The document summarizes key changes in the final FATCA regulations that impact insurance companies. Four changes stand out: 1) A new de minimis rule excludes insurance contracts with cash values under $50,000 from being considered financial accounts; 2) Insurance definitions were simplified; 3) Changes to the definition of cash value insurance contracts add exemptions to reduce contracts treated as financial accounts; 4) Insurance companies paying death benefits are no longer required to obtain beneficiary documentation unless they know the beneficiary is a US person. These changes reduce the number of insurance products and customers impacted by FATCA requirements.
This document discusses guidelines for revenue recognition under accounting standards. It covers the principles that revenue should be realized or realizable and earned. It describes different methods of revenue recognition that may be used, such as at the point of sale, before or after delivery, or over time using percentage of completion. It also discusses alternative accounting methods used for long-term contracts. Additionally, it covers potential issues with revenue recognition like sales with rights of return, discounts, or buyback agreements. Special transactions involving consignment or principal-agent relationships are also addressed.
The proportionate completion method is
appropriate where performance consists of the
execution of more than one act. Revenue is
recognised based on the performance of each act.
2. Completed Service Contract Method
Performance consists of single act or where services
are rendered by indeterminate number of acts over a
specific period of time. Revenue is recognised when
the single act is completed or when the contract is
completed or substantially completed.
This document provides details on Neil Macdonald's qualifications, career history, education, and objectives for a session. He has over 30 years of progressive business and project management experience, as well as formal management and financial training. His career history includes roles as a solutions consultant, Dynamics GP consultant, and manager of IT and process improvements. He holds several professional certifications related to accounting, project management, and Microsoft technologies. The session agenda and objectives are not included in this document.
The document discusses the key changes and challenges in implementing the new revenue recognition standard Ind AS 115, which is based on IFRS 15. Some of the significant changes include focusing on control rather than risks and rewards for timing of revenue recognition. It also requires identifying separate performance obligations in contracts and allocating the transaction price to each. This will impact industries like telecom and software development. Other challenges discussed are accounting for contract modifications and transactions containing financing elements.
- Ind AS 115 replaces existing revenue standards and provides a single comprehensive model for revenue recognition. It is effective for annual periods beginning on or after April 1, 2018.
- The key change under Ind AS 115 is the requirement to recognize revenue when a customer obtains control of promised goods or services rather than when risks and rewards are transferred. Control is defined as the ability to direct the use and obtain the benefits from the goods or services.
- Ind AS 115 introduces a five-step model for revenue recognition: 1) identify the contract with the customer, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate transaction price to performance obligations, and 5) recognize revenue when performance obligations are
Ind AS 115/ IFRS 15
Ind AS 115/ IFRS 15 will apply to most revenue arrangements, including construction contracts. Among other things, it changes the criteria for determining whether revenue is recognised at a point in time or over time and provides more guidance in areas where current IFRSs are lacking – such as multiple element arrangements, variable pricing, rights of return, warranties and licensing. The actual impact on each company’s top line will depend on the industry, specific customer contracts and how they have applied existing Standards.
Ind AS 116/ IFRS 16
Ind AS 116/ IFRS 16 represents the first major overhaul of lease accounting for over three decades. The IASB has long considered the existing split between operating and finance leases as problematic as it has resulted in too much structuring and offbalance sheet financing. Therefore Ind AS 116/ IFRS 16 has done away with the operating versus finance lease distinction and requires accounting of all leases to be ‘on-balance sheet’ for lessees.
The document discusses Slater and Gordon, a leading law firm that floated on the stock market in 2007. It analyzes the firm's financial performance and accounting policies related to revenue recognition under IAS 18 and the newly adopted IFRS 15. Key points:
1) Slater and Gordon saw rapid growth and high shareholder expectations through an acquisition strategy. However, profits and share prices declined sharply in late 2015 when the firm adopted stricter IFRS 15 revenue recognition rules.
2) Under IAS 18, revenue was recognized based on work completed. But IFRS 15 requires revenue to be "highly probable" and contractually agreed to be recognized. This led to large write-downs of
FASB Proposals Affecting Government ContractorsDecosimoCPAs
Robert Belcher and Ken Conner co-presented this PowerPoint at the 2012 RocketCity GovCon Conference hosted by Solvability in Huntsville, Ala. on Sept. 20, 2012.
The document provides an overview of Indian Accounting Standard 116 on lease accounting. Some key points:
1. Ind AS 116 replaces the dual classification model under Ind AS 17 and requires most leases to be recognized on the balance sheet by lessees. It aims to provide more transparent representation of leasing activities.
2. The standard applies to all leases with certain exceptions such as leases of biological assets, service concession arrangements, and licenses of intellectual property.
3. Lessees can elect to not apply the recognition requirements to short-term leases (under 12 months) and leases of low-value assets.
4. The standard defines a lease as a contract that conveys
This document summarizes key aspects of Accounting Standard 19 (AS-19) related to accounting for leases in India. It discusses the differences between finance and operating leases, and the accounting treatment for lessors and lessees under each. It also covers sale and leaseback transactions, tax implications, and disclosure requirements as per AS-19.
TEI-Presentation-Contingent-Liabilities-and-Deferred-Revenue-iDaniel C. White
The document discusses contingent liabilities and deferred revenue in M&A transactions. For contingent liabilities assumed by the buyer, the seller includes the estimated amount in income and may receive an offsetting deduction. If the liability is not fixed, the seller may not receive a deduction until it becomes fixed. For deferred revenue assumed by the buyer, under Pierce v. Comm'r, the seller includes the deferred revenue amount in income but receives an offsetting deduction, representing a deemed payment to the buyer for assuming the liability. The buyer takes assumed liabilities into income when they become fixed and determinable.
San Francisco Bay Chapter Ten Tax Concepts Rentals Real Estatetaxhowto
This document summarizes a presentation by Gerald Pusateri on tax concepts related to rental real estate. It discusses 10 key concepts: 1) basis considerations; 2) depreciation; 3) capital gains and losses; 4) the "triangle of gain" involving appreciation, depreciation recapture, and capital gains; 5) repairs vs improvements; 6) limits on rental losses; 7) treatment of disallowed passive losses; 8) exclusion of gain on home converted to rental; 9) renting to relatives below fair market value; and 10) selling to relatives below fair market value. The presentation aims to educate rental property owners and tax clients on these important tax issues.
The document summarizes the key points from a presentation on the IASB and FASB's joint project on revenue recognition. It outlines the 5 steps of the proposed revenue recognition model: 1) identify contracts with customers, 2) identify separate performance obligations, 3) determine transaction price, 4) allocate price to obligations, and 5) recognize revenue when obligations are satisfied. It also discusses feedback received on the initial proposal and revisions being considered, including how to handle warranties, price variability, and financing components. The goal is to issue a converged standard by 2012.
IFRS 15 - the new revenue recognition standard EY Belgium
The IASB and the FASB have jointly issued a new revenue standard, IFRS 15 Revenue from Contracts with Customers, which will replace the existing IFRS and US GAAP revenue guidance.Find out more in our comprhensive brochure.
This chapter discusses accounting for cash and receivables. It defines cash as the most liquid asset and identifies items that are considered cash such as currency and bank deposits. Receivables are defined as claims against customers and others for money, goods, or services, and the main types are accounts receivable and notes receivable. The chapter explains the accounting issues around recognition, valuation, and disposition of accounts and notes receivable. It also describes how to report and analyze receivables in financial statements.
Ind AS 18 provides guidance on accounting for revenue. It aims to determine when to recognize revenue. Revenue is recognized when future economic benefits flow to the entity and can be reliably measured.
The standard addresses revenue recognition for sale of goods, rendering of services, and interest, royalties or dividends. For sale of goods, revenue is recognized when risks and rewards of ownership transfer. For services, revenue is recognized by reference to completion percentage. Interest is recognized using effective interest rate method, while royalties and dividends are recognized on an accrual basis.
The document also discusses concepts like deferred payment terms, non-cash transactions, and components of transactions. Disclosures required include revenue categories, accounting policies,
This presentation will also provide a year end update of the technical accounting standards (ASU’s), proposed standards that are in Exposure Drafts (ED’s), and the projects of the FASB going forward.
During the presentation attendees can expect to learn the following:
Gain an understanding of the most significant changes in accounting standards over the past 12 months
Become familiar with the proposed changes that the FASB has issued in Exposure Drafts
Acquire knowledge of the big projects that the FASB will address next
After this webinar attendees will be able to answer:
What changes has the FASB made over the past year?
How will these changes impact you and your organization?
What areas will the FASB focus on next?
Partner Janice Snyder discussed the recent changes made by the Financial Accounting Standards Board and how those changes will impact you and your organization.
A practical overview of new FASB/IASB rules, who they effect, and guidelines for JD Edwards customers to follow to adopt these new rules. Presentation by Circular Edge's finance expert Yogesh Godbole.
IFRS-15 Updated(Amendment in 2020) .pptxarifnizam4
IFRS 15 establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The standard introduces a five-step model for revenue recognition: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price, 5) recognize revenue when performance obligations are satisfied. Revenue is recognized when control of goods or services is transferred to the customer. The amount recognized is the amount allocated to the satisfied performance obligation.
The document provides an overview of IFRS 15 Revenue from Contracts with Customers and IAS 2 Inventories. It begins with introducing the background issues around revenue recognition and measurement of inventories. Then it discusses IFRS 15 in more detail, outlining its objective and scope, key definitions, and the five-step model for recognizing revenue. The five-step model includes identifying the contract, performance obligations, transaction price, allocating the price to obligations, and recognizing revenue. An example is provided to illustrate identifying performance obligations. In summary, the document explains the standards around revenue and inventories and how IFRS 15 established principles for revenue recognition.
This document discusses accounts receivable management and credit policies. It defines accounts receivable as sales made on credit. Establishing the right credit policy is important because it affects sales, working capital requirements, and bad debt losses. The document outlines key considerations for determining a credit policy, including credit terms, standards, discounts and collection procedures. It also discusses the trade-offs involved, such as higher sales versus increased costs of financing, collection and potential bad debts. Effective management of accounts receivable and prudent credit policies can help optimize current assets and cash flow.
This document provides an agenda and overview for a financial reporting and audit update presentation on April 2018. The presentation will cover new accounting standards for June 30, 2018 financial reports, reminders about new standards such as AASB 9, AASB 15, and AASB 16, and other topics such as the ACNC legislative review and standards issued but not yet effective. The presentation will be split into two parts, with the first part covering new standards and reminders, and the second part discussing additional topics such as crypto-currencies and new audit reports.
Modelling For Provisioning Of Bad Debt Under ifrs 9Ali Zeeshan
Prof. Arif Ahmed gave a webinar on modeling for provisioning of bad debt under IFRS 9. IFRS 9 requires expected credit losses to be recognized rather than incurred losses. This represents a major change. IFRS 9 classifies financial assets into three categories based on the business model and contractual cash flows. It also provides guidelines for assessing significant increases in credit risk, measuring 12-month and lifetime expected credit losses, and accounting for purchased or originated credit impaired assets. Implementing IFRS 9 poses many challenges around definitions, data and infrastructure requirements, and will likely increase provisions initially.
McGladrey/AICPA presentation at September 2014 Global Manufacturing ConferenceBrian Marshall
Update on important new accounting and reporting developments over the past year addressing recent technical pronouncements along with accounting projects and proposals from FASB and other standard setters. Topics incude:
- New ASU on revenue recognition
- FASB's recently issued accoutning alternatives for private companies
- Overview of ket, other, new or porposed ASUs
Identify the reporting and disclosure requirements of ASC 606
Implement Contracts reporting to meet 606 objectives
Assess your financial position, performance per Contracts metrics
The document discusses Loan Prospector, a tool from Freddie Mac that assists with underwriting conventional loans. It highlights credit policy updates that Loan Prospector has been updated to reflect. These include changes to maximum loan-to-value ratios, how short sale fees are treated, and asset and income documentation requirements. The document also provides an overview of how Loan Prospector analyzes loan files, returns feedback and documentation checklists, and explains the risk classifications and documentation levels it assigns loans.
- The document discusses receivables management. Receivables refer to amounts owed by customers from credit sales.
- The objectives of receivables management include optimizing investment in receivables, balancing credit sales and investment, maximizing firm value, and achieving a trade-off between risk and return.
- Costs associated with receivables include opportunity costs, collection costs, delinquency costs, and default costs. Firms must choose an optimal credit policy that balances liberal policies which increase sales versus stringent policies which reduce risks.
Revenue Recognition for Government ContractsRobert E Jones
Revenue recognition has been a hot topic since the introduction of ASC 606 in 2014 - an accounting standard that changed the criteria for recognizing revenue for all companies and introduced a nuance unique to government contractors. Many small companies struggle to understand and apply the concept of recognizing revenue when it is earned versus when cash is received. As part of GAAP compliance, our role is to ensure that revenue and costs are matched (the matching principle) and that the amount of and timing of revenue recognition is accurate. Join us for this enlightening topic and learn how the termination for convenience clause in government contracts complicates an already complex process.
Learning Objectives
1. Discuss ASC 606
2. Describe the concept of alternate use
3. Recognize the termination for convenience clause
4. Explain performance obligation
5. Identify when delivery and acceptance occur
[Podcast] Time to prepare... for lease accounting changesJLL
The lease accounting changes will have a significant impact on your business - from finance to operations to technology! Don’t wait to begin the planning process. Learn from a panel of real estate and accounting experts in a discussion on the key aspects of the revised accounting requirements and their impact on your bottom line.
This document discusses key concepts related to managing cash and receivables. It covers cash needs and considerations, credit policies, evaluating accounts receivable levels, and methods for financing receivables. It also addresses estimating uncollectible accounts, writing off accounts, and making and paying promissory notes. Specific topics include cash requirements, receivable turnover, days' sales uncollected, allowance method for estimating bad debts, percentage of net sales method, accounts receivable aging method, and discounting and factoring receivables.
Citrin Cooperman Partner Aaron Chaitovsky, in conjunction with law firm Gray Plant Mooty, present on the requirements and issues involved in California Law AB 525 and what franchisors must do now to avoid costly mistakes.
This document discusses social media and financial technology trends. It provides an overview of social media best practices for banks, including engaging customers, responding to feedback, and complying with regulations. It also summarizes the fintech landscape and trends like serving millennials, peer-to-peer payments, business-to-business solutions, mobile wallets, and solutions for the gig economy. The document concludes with questions about these topics.
Electronic Signatures and Disclosures: Best Practices for E-SIGN Compliance a...Jonathan Wegner
This presentation provides a detailed background of the similarities and differences between the E-SIGN Act and UETA, as well as best practices for E-SIGN compliance and electronic record keeping for banks, credit unions and other financial Institutions
ACI Cross-Border & Global Payments and Technologies: Prepaid Card Master ClassJonathan Wegner
This document summarizes various laws and regulations related to prepaid cards, including:
1. The CARD Act, which imposes restrictions on prepaid card fees and expiration dates. It prohibits certain fees unless a card has been inactive for 12 months and requires a minimum 5-year expiration period.
2. State consumer protection laws regarding prepaid card expiration dates, fees, and disclosures. Many states ban or restrict expiration dates and fees.
3. Requirements for payroll cards, including prohibiting mandatory programs and requiring certain fee disclosures.
4. State money transmitter licensing requirements that may apply to open loop prepaid card issuers and sellers in over 30 jurisdictions.
5. An
The document provides an overview and summary of recent regulatory updates related to payments law. It discusses proposed regulations for prepaid accounts from the CFPB, updates to check law and corporate account takeover issues under UCC Articles 3, 4 and 4A, EMV migration in the US, and proposed rules regarding payroll cards and student cards. It also includes summaries of various industry reports on EMV adoption rates and timelines in the US.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
The Future of Criminal Defense Lawyer in India.pdfveteranlegal
https://veteranlegal.in/defense-lawyer-in-india/ | Criminal defense Lawyer in India has always been a vital aspect of the country's legal system. As defenders of justice, criminal Defense Lawyer play a critical role in ensuring that individuals accused of crimes receive a fair trial and that their constitutional rights are protected. As India evolves socially, economically, and technologically, the role and future of criminal Defense Lawyer are also undergoing significant changes. This comprehensive blog explores the current landscape, challenges, technological advancements, and prospects for criminal Defense Lawyer in India.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/