The document discusses revenue recognition standards. It defines revenue as income from ordinary business activities like sales, fees, interest and dividends. Revenue is recognized when earned and realized/realizable, such as when goods/services are exchanged for cash. For long-term contracts, revenue can be recognized using percentage-of-completion or completed contract methods depending on certainty of costs and contract terms.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
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➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
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➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
2. Income is defined in the Framework for the
Preparation and Presentation od Financial
Statements as increases in economic benefits
during the accounting period.
Revenue is income that arises in the course of
ordinary activities of an entity and is referred
to by a variety of different names including
sales, fees, interest, dividends and royalties.
The objective of this Standard is to prescribe
the accounting treatment of revenue arising
from certain types of transactions and events.
3. Revenue includes only
the gross inflows of
economic benefits
received and receivable
by the entity on its own
account.
Fair value is the amount
for which an asset
could be exchanged, or
a liability
settled, between
knowledgeable, willing
parties in an arm’s
length transaction.
4. Revenue shall be measured at the fair value of
the consideration received or receivable.
The amount of revenue arising on a transaction is
usually determined by agreement between the
entity and the buyer or user of the asset.
In most cases, the consideration is in the form of
cash or cash equivalents and the amount of
revenue is the amount of cash or cash
equivalents received or receivable.
When goods or services are exchanged or
swapped for goods or services which are of a
similar nature and value, the exchange is not
regarded as a transaction which generates
revenue.
5. The recognition criteria in this Standard are
usually applied separately to each
transaction. In certain circumstances, it is
necessary to apply the recognition criteria
to the separately identifiable components of
a single transaction in order to reflect the
substance of the transaction.
6. Scope
This Standard shall be applied in
accounting for revenue arising from
the following transactions and events:
a) the sale of goods;
b) the rendering of services;
c) the use by others of entity assets
yielding interest, royalties and
dividends.
7. Revenue from the sale of goods shall be recognized
when all the following conditions have been satisfied:
(a) the entity has transferred to the buyer the
significant risks and rewards of ownership of the
goods;
(b) the entity retains neither continuing managerial
involvement to the degree usually associated with
ownership nor effective control over the goods sold;
(c) the amount of revenue can be measured reliably;
(d) it is probable that the economic benefits associated
with the transaction will flow to the entity;
(e) the costs incurred or to be incurred in respect of the
transaction can be measured reliably.
8. When the outcome of a transaction involving the
rendering of services can be estimated
reliably, revenue associated with the transaction shall
be recognized by reference to the stage of
completion of the transaction at the end of the
reporting period. The outcome of a transaction can
be estimated reliably when all the following
conditions are satisfied:
(a) the amount of revenue can be measured reliably;
(b) it is probable that the economic benefits associated
with the transaction will flow to the entity;
(c) the stage of completion of the transaction at the
end of the reporting period can be measured reliably;
(d) the costs incurred for the transaction and the costs
to complete the transaction can be measured reliably.
9. Revenue arising from the use by others of
entity assets yielding interest, royalties and
dividends shall be recognized when:
(a) it is probable that the economic benefits
associated with the transaction will flow to
the entity;
(b) the amount of the revenue can be measured
reliably.
10. An entity shall disclose:
(a) the accounting policies adopted for the recognition of
revenue, including the methods adopted to determine the stage
of completion of transactions involving the rendering of services;
(b) the amount of each significant category of revenue recognised
during the period, including revenue arising from:
(i) the sale of goods;
(ii) the rendering of services;
(iii) interest;
(iv) royalties;
(v) dividends; and
(c) the amount of revenue arising from exchanges of goods or
services included in each significant category of revenue.
11. The revenue recognition principle provides
that revenue is recognized:
◦ when it is earned, and
◦ when it is realized or realizable
Revenue is earned when the earnings
process is substantially complete.
Revenue is realized when goods and
services are exchanged for cash or claims to
cash.
Revenue is realizable when assets received
are convertible into a known amount of
cash.
12. Revenue from selling products is recognized
at the date of sale (date of delivery).
Revenue from services is recognized when
services are performed and are billable.
Revenue from the use of enterprise’s assets
by others is recognized as time passes or as
the assets are used up.
Revenue from disposal of assets (other than
inventory) is recognized at the point of sale
as gain or loss.
13.
14. Revenues from manufacturing and selling are
commonly recognized at point of sale.
Exceptions:
1. Sales with buyback agreements
2. Sales when right of return exists (high rates
that are not reliably estimable)
3. Trade loading and channel stuffing
15. Revenue may be recognized before delivery
under certain circumstances.
Long-term construction contracts are a
notable example
Two methods are available:
The percentage-of-completion method, and
The completed contract method
16. Revenue Recognition Before
Delivery
Long-Term Construction
Accounting Methods
Percentage-of-Completion Completed Contract
Method Method
1) Terms of contract must 1) To be used only when
be certain, enforceable. the percentage method is
2) Certainty of performance inapplicable [uncertain]
by both parties 2) For short-term contracts
3) Estimates of completion
can be made reliably
17. Percentage-of-Completion: Steps
1 Costs incurred to date = Percent complete
Most recent estimated total costs
2 Estimated total revenue x Percent complete
= Revenue to be recognized to date
3 Total revenue to be recognized to date less Revenue
recognized in PRIOR periods = Current period revenue
4 Current Period Revenue less current costs = Gross profit
18. Percentage-of-Completion: Entries
Cost of construction:
Construction in process (CIP)
Materials, cash, payables, etc.
Progress billings:
Accounts receivable
Billings on CIP
Collections:
Cash
Accounts receivable