Shippers can lose money due to billing errors made by carriers when moving containers. These errors, such as incorrect rates charged or delivery dates, can accumulate over thousands of shipments. Ocean Freight Refunds audits shippers' freight bills and matches them to contracts to find errors. This has resulted in significant refunds for shippers. The audits also help shippers identify problems in their own systems to avoid future errors. While carriers may not be intentionally hiding mistakes, no one finds the errors unless an audit is done.
How to -_configure_port_forwarding_using_virtual_host_to_access_devices_on_in...SaNju MuLak
This document describes how to configure port forwarding on a Cyberoam device using virtual hosts to allow external access to internal servers. It involves creating virtual hosts mapped to the internal servers' IP addresses, which will forward traffic for the public IP to the private IPs. Firewall rules must then be created to allow the incoming traffic to the virtual host IPs and services. The configuration uses a sample network with a web and mail server in the DMZ zone accessible externally via public IPs mapped to their private DMZ IPs.
Rolf Habben Jansen from Damco; Thrive in an Era of Fluctuating Rates and I...eyefortransport
The ocean freight market is fragmented with multiple carrier options. Supply and demand will continue to impact rates going forward. Forecasting supply and demand is difficult beyond 2-4 weeks. To secure capacity and stable rates, it is important to select strategic partners, invest in relationships, and deliver on commitments. The document recommends managing a portfolio of long and short term contracts with various carriers tailored to the needs of the client.
Port forwarding allows remote hosts on the internet to connect to servers on a local network by forwarding incoming connection requests on specific ports to IP addresses and ports of servers on the local network. When a request comes in on a forwarded port, the router checks for a matching forwarding rule and sends the request to the specified internal IP address and port if there is a match, otherwise it drops the request. Port triggers open ports temporarily based on outgoing traffic to allow return connections for things like mail identity information or online gaming.
Registreo simplifie la gestion de vos obligations réglementaires en sécurité incendie.
- registre de sécurité numérique
- vérifications & formations au meilleur prix
- responsable unique de sécurité délégué
Key Performance Indicators (KPIs) should be used to understand performance and drive better decision-making. However, most companies struggle to find the vital few KPIs. Here is a list of the 25 top KPIs is use today.
The seven mental stages an entrepreneur must travel through to reach startup enlightenment.
Hey, I might be joking, but you'll see yourself in these slides!
#startuplife
Project managers use Key Performance Indicators (KPIs) and dashboards to monitor and communicate the status of a project. KPIs should be measurable metrics that indicate if objectives are being met. Effective KPIs are specific, measurable, attainable, relevant and time-bound. KPIs can be quantitative or qualitative and should be selected to provide insights without overwhelming stakeholders with too much data. Dashboards consolidate multiple KPIs using visual widgets like charts, tables and gauges to give viewers a quick status update in an easy to understand format.
How to -_configure_port_forwarding_using_virtual_host_to_access_devices_on_in...SaNju MuLak
This document describes how to configure port forwarding on a Cyberoam device using virtual hosts to allow external access to internal servers. It involves creating virtual hosts mapped to the internal servers' IP addresses, which will forward traffic for the public IP to the private IPs. Firewall rules must then be created to allow the incoming traffic to the virtual host IPs and services. The configuration uses a sample network with a web and mail server in the DMZ zone accessible externally via public IPs mapped to their private DMZ IPs.
Rolf Habben Jansen from Damco; Thrive in an Era of Fluctuating Rates and I...eyefortransport
The ocean freight market is fragmented with multiple carrier options. Supply and demand will continue to impact rates going forward. Forecasting supply and demand is difficult beyond 2-4 weeks. To secure capacity and stable rates, it is important to select strategic partners, invest in relationships, and deliver on commitments. The document recommends managing a portfolio of long and short term contracts with various carriers tailored to the needs of the client.
Port forwarding allows remote hosts on the internet to connect to servers on a local network by forwarding incoming connection requests on specific ports to IP addresses and ports of servers on the local network. When a request comes in on a forwarded port, the router checks for a matching forwarding rule and sends the request to the specified internal IP address and port if there is a match, otherwise it drops the request. Port triggers open ports temporarily based on outgoing traffic to allow return connections for things like mail identity information or online gaming.
Registreo simplifie la gestion de vos obligations réglementaires en sécurité incendie.
- registre de sécurité numérique
- vérifications & formations au meilleur prix
- responsable unique de sécurité délégué
Key Performance Indicators (KPIs) should be used to understand performance and drive better decision-making. However, most companies struggle to find the vital few KPIs. Here is a list of the 25 top KPIs is use today.
The seven mental stages an entrepreneur must travel through to reach startup enlightenment.
Hey, I might be joking, but you'll see yourself in these slides!
#startuplife
Project managers use Key Performance Indicators (KPIs) and dashboards to monitor and communicate the status of a project. KPIs should be measurable metrics that indicate if objectives are being met. Effective KPIs are specific, measurable, attainable, relevant and time-bound. KPIs can be quantitative or qualitative and should be selected to provide insights without overwhelming stakeholders with too much data. Dashboards consolidate multiple KPIs using visual widgets like charts, tables and gauges to give viewers a quick status update in an easy to understand format.
Crowley Petroleum Services uses ShipServ TradeNet to streamline its procurement process. This has led to a 23% reduction in time spent per vessel each week on ordering, from 9.2 hours to 7.09 hours. It is also on track to achieve its goal of a 2% reduction in spending. ShipServ provides visibility into vendor performance which helps Crowley negotiate better contract terms. Overall, ShipServ has helped Crowley improve productivity and reduce costs.
What is the Cost of Tendering for a Shipper?Xeneta
Tendering/bidding is expensive. The time, the effort and the expense of answering a tender or bid, estimated at upwards of $15,000 per tender, in addition shorter and shorter contracts have proven to be too much and as a result, suppliers are responding to fewer tenders. In fact, based on our experience, carriers respond to as few as 20% of the tenders they are invited to participate.
Freight Payment Benchmark Study March 2013CustomsPlus
The study found that while domestic transportation payment processes have remained largely the same, international invoice processes are still handled manually by most companies. Automated freight payment platforms are more developed for domestic payments. Receipt and validation of invoices are most automated, while dispute resolution remains challenging. Survey respondents reported paying freight bills later in 2013 than previous years, with more paying 30-45 days after invoicing. Large shippers tended to pay later than small-medium shippers, with nearly a quarter of large shippers paying over 45 days after invoicing.
The document discusses the impacts of recent mortgage lending reforms on loan officers and borrowers. It summarizes that since 2009, three phases of reform - including changes to appraisal practices, disclosure requirements, and the Good Faith Estimate - have added 9 new forms to the loan process. This has increased compliance complexity, costs, and processing times. Borrowers are confused by the excessive information and often uninterested in details like fees paid by sellers. The reforms have unintentionally grown an industry around compliance at the expense of transparency and efficiency in lending.
This presentation by the Fiji was prepared for the break-out Session 3, “The role of economists in merger teams and qualitative evidence review”, in the discussion “Economic Analysis in Merger Investigations” at the 19th OECD Global Forum on Competition on 9 December 2020.
More papers and presentations on the topic can be found at http://oe.cd/eami.
Dangerous Goods Report, Volume 10—The Total Value of ComplianceLabelmaster
Volume 10 of the Dangerous Goods Report introduces a new framework that helps businesses realize positive return on investment from their hazmat compliance programs— Total Value of Compliance. It also examines how advanced packaging technology simplifies the transport of damaged, defective or recalled lithium batteries and battery devices, and looks at the safety considerations driving our new partnership with CHEMTREC®.
The Total Value of Compliance.
Compliance is not just “a cost of doing business”—it should deliver a positive ROI.
Obexion Max revolutionizes recalls.
Remember when battery device recalls were expensive, complicated and time-consuming?
CHEMTREC and Labelmaster team up for safety.
Giving responders complete, current information is the heart of our combined mission.
Risks of non compliance of cl.19.7 cl.20 under BPVOY4.GE 94
This document discusses risks to owners when making demurrage claims if all documentation requirements are not met under a BPVoy4 charterparty. It summarizes a recent English court case where an owner's demurrage claim of $364,847.78 was denied due to the owner not providing all required supporting documents, including port logs and time sheets, within the 90 day claim period. The court found the charterparty language required all supporting documentation be provided for the claim. The ruling reinforces English law's strict approach to meeting contractual requirements for claims. Owners must take care to provide all documents required by the charterparty when making demurrage claims.
Trade Technologies has developed an online platform that allows shippers and receivers to track international shipments and payments, providing a more efficient alternative to the antiquated letter of credit system. The letter of credit system involves complex paperwork processes and foreign banks, resulting in delays. GT Solar now uses Trade Technologies' platform and can get paid faster, bypassing flaws and slow pace of the old system. While some still rely on letters of credit, Trade Technologies expects continued growth as it helps more companies streamline international payments.
This document provides tips to reduce logistics costs in 3 areas: international freight, parcel distribution, and warehousing/order fulfillment. It recommends negotiating rates with carriers, understanding fuel surcharge policies, consolidating loads, and selecting partners based on traffic profiles. For warehousing, it suggests deciding needs carefully and outsourcing non-core functions. Overall the document aims to help businesses manage logistics costs effectively through cost control strategies and expert advice.
This document provides tips to reduce logistics costs in 3 areas: international freight, parcel distribution, and warehousing/order fulfillment. It recommends negotiating rates with carriers, understanding fuel surcharge policies, consolidating loads, and selecting partners based on traffic profiles. For warehousing, it suggests deciding needs carefully and outsourcing non-core functions. Overall the document aims to help businesses manage logistics costs effectively through strategic partner selection and ongoing cost monitoring.
This document provides tips to reduce logistics costs in 3 areas: international freight, parcel distribution, and warehousing/order fulfillment. For international freight, it advises monitoring rates, building relationships with carriers, and questioning surcharges. For parcel distribution, it recommends understanding traffic profiles and researching carriers to select the best fit and avoid extra charges. For warehousing, it suggests deciding storage needs, outsourcing carefully, and ensuring value from fulfillment partners. The overall goal is to control transportation, inventory, and distribution expenses through the logistics process.
The document discusses how freight brokers experiencing financial trouble can partner with financially stable brokerage firms to save their businesses. By becoming independent agents, brokers can gain access to strong credit ratings and daily commission payments, allowing them to restore cash flow and negotiate payment plans with carriers. One example is given of a brokerage that owed carriers $500,000 but was able to cut fixed costs from 50% to 30% of revenues by outsourcing back-office functions to a larger partner brokerage. This arrangement helped the struggling brokerage recover and position itself to weather the economic downturn.
This document summarizes the key findings of a 2013 study on transportation payment practices. Some of the main findings include:
1) Shippers are paying their freight bills later, with the number paying within 30-45 days increasing by half, while fewer pay within 30 days. Large shippers pay later than small-medium shippers, with nearly a quarter paying over 45 days.
2) The costs to process and pay invoices remained similar to 2012. Shippers who outsource payment include only vendor costs, while those handling payment in-house include labor costs.
3) Auditing practices have improved somewhat, but most audits remain incomplete. More shippers conduct pre- and post-payment audits rather
Global Payables, Best Practices For Ecommerce Merchants By Dana Ninodananino
Global e-commerce merchants face challenges with cross-border payments including high costs, lack of transparency, and complex compliance requirements. There is a need for payment providers to offer more efficient, cost-effective methods in local currencies with real-time rates and reporting. Merchants should evaluate providers based on accuracy, bundling of payment types, online functionality, and auditing controls to streamline the payment process and reduce errors.
There are millions of dollars lost each year in the petroleum shipping industry due to cargo handling losses and measurement errors. The accepted loss thresholds before investigation are 0.15% for transit, 0.3% for generic load/discharge, and 0.5% for ship-to-ship transfers. Cargo assurance aims to proactively manage operational risks like lost revenue and claims through supervising cargo sampling, analysis, and measurement to ensure compliance with industry standards. Using cargo assurance can help companies reduce losses and insurance premiums, adding significant value.
Compass Commercial was hired by The Leukemia and Lymphoma Society to manage their 100 leases across the US and Canada. They consolidated the Society's lease data, developed a website to track leases, and established standardized space requirements to reduce unnecessary relocations. This helped reduce total rent costs by $13 million over six years. Compass Commercial also eliminated security deposits, legal fee reimbursements, and holdover expenses. The Director of Real Estate at LLS praised Compass Commercial for their tremendous savings and for becoming an integral part of their team.
ustoms clearance is a necessary procedure before goods can be imported or exported internationally. If a shipment is cleared, then the shipper will provide documentation confirming customs duties that are paid and the shipment can be processed.
Shipping companies are experiencing difficult financial times with many unable to repay or service debts. It is essential for companies to have properly documented and timely financial information, including financial models projecting future cash flows, to present to banks in the event of potential defaults. Financial modelling can help identify ways to manage volatility and support restructuring proposals. Experienced external advisors like Moore Stephens can help companies reduce costs associated with resolving financial problems by working with stakeholders before and after bank intervention.
Craig’s Crocodiles, Inc.
Accrual Concept
Accrual accounting requires that revenues and expenses be reported when the benefits have been received or used up and not when cash is collected.
Example 1: Georgia Pacific sells $100,000 in lumber to Home Depot in December 2007. Home Depot pays in January 2008. Georgia Pacific will record $100,000 in sales revenue for year 2007.
Example 2: Home Depot owes employees salary for December 2007 of $250,000 which it pays on January 1 2008. It has a salary expense of $250,000 in 2007.
13
Matching Concept
The matching concept requires that all costs – past, present or future – must be matched against the revenue they give rise to. A Ford dealer sells an automobile to a customer in year January 2008 that it had purchased in December 2007.
Example of Past Expense: Purchase cost of the automobile from 2007.
Example of Present Expense: Sales commission paid in January 2008.
Example of Future Expense: Estimated warranty repairs to be done in the future.
13
FASB Standards v Statements
Standards are issued by the Financial Accounting Standards Board and represent rules to be followed.
Statements of FASB are for “guidance” and not mandatory rules.
13
Revenue Recognition Guide
Most businesses typically recognize revenue at time of sale (delivery to a common carrier).
Statement of Concept # 5 requires two conditions for revenue recognition:
1. When products or other assets are exchanged for cash or claims to cash.
2. When the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.
13
Question 1:
Income per Crocodile
13
Per
Crocodile
Sales Price
?
Catching Expenses
?
Shipping Expenses
?
Collection and Bad Debts Expense
?
Total Expenses per crocodile
?
Net income per crocodile
?
Question 2:
Income Under Different Revenue Timing RulesProduction or Catching Basis: Delivery or Sale Basis: Collection Basis:
13
Question 2:
What method should we use?Statement of Concept # 5 requires two conditions:
Realized or realizable. Revenues and gains are realizable when related assets received or held are readily convertible to known amounts of cash or claims to cash.
Earned. Revenues are considered to have been earned when the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.
13
Question 3:
Balance of Lease TermPauly is suing Craig’s Crocodiles for 24 months of unpaid rent – the balance of the lease termDoes Pauly have a duty to mitigate damages?Is there is evidence of damages?
Question 4:
Punitive DamagesIs Pauly entitled to punitive damages? Is there is evidence of damages?
Question 5:
Accounting EntryAsk attorney if liability from the lawsuit is probable, reasonably possible, or remote. Recognize a contingent liability if in attorney’s opinion liability is probable. What is the entry as.
Crowley Petroleum Services uses ShipServ TradeNet to streamline its procurement process. This has led to a 23% reduction in time spent per vessel each week on ordering, from 9.2 hours to 7.09 hours. It is also on track to achieve its goal of a 2% reduction in spending. ShipServ provides visibility into vendor performance which helps Crowley negotiate better contract terms. Overall, ShipServ has helped Crowley improve productivity and reduce costs.
What is the Cost of Tendering for a Shipper?Xeneta
Tendering/bidding is expensive. The time, the effort and the expense of answering a tender or bid, estimated at upwards of $15,000 per tender, in addition shorter and shorter contracts have proven to be too much and as a result, suppliers are responding to fewer tenders. In fact, based on our experience, carriers respond to as few as 20% of the tenders they are invited to participate.
Freight Payment Benchmark Study March 2013CustomsPlus
The study found that while domestic transportation payment processes have remained largely the same, international invoice processes are still handled manually by most companies. Automated freight payment platforms are more developed for domestic payments. Receipt and validation of invoices are most automated, while dispute resolution remains challenging. Survey respondents reported paying freight bills later in 2013 than previous years, with more paying 30-45 days after invoicing. Large shippers tended to pay later than small-medium shippers, with nearly a quarter of large shippers paying over 45 days after invoicing.
The document discusses the impacts of recent mortgage lending reforms on loan officers and borrowers. It summarizes that since 2009, three phases of reform - including changes to appraisal practices, disclosure requirements, and the Good Faith Estimate - have added 9 new forms to the loan process. This has increased compliance complexity, costs, and processing times. Borrowers are confused by the excessive information and often uninterested in details like fees paid by sellers. The reforms have unintentionally grown an industry around compliance at the expense of transparency and efficiency in lending.
This presentation by the Fiji was prepared for the break-out Session 3, “The role of economists in merger teams and qualitative evidence review”, in the discussion “Economic Analysis in Merger Investigations” at the 19th OECD Global Forum on Competition on 9 December 2020.
More papers and presentations on the topic can be found at http://oe.cd/eami.
Dangerous Goods Report, Volume 10—The Total Value of ComplianceLabelmaster
Volume 10 of the Dangerous Goods Report introduces a new framework that helps businesses realize positive return on investment from their hazmat compliance programs— Total Value of Compliance. It also examines how advanced packaging technology simplifies the transport of damaged, defective or recalled lithium batteries and battery devices, and looks at the safety considerations driving our new partnership with CHEMTREC®.
The Total Value of Compliance.
Compliance is not just “a cost of doing business”—it should deliver a positive ROI.
Obexion Max revolutionizes recalls.
Remember when battery device recalls were expensive, complicated and time-consuming?
CHEMTREC and Labelmaster team up for safety.
Giving responders complete, current information is the heart of our combined mission.
Risks of non compliance of cl.19.7 cl.20 under BPVOY4.GE 94
This document discusses risks to owners when making demurrage claims if all documentation requirements are not met under a BPVoy4 charterparty. It summarizes a recent English court case where an owner's demurrage claim of $364,847.78 was denied due to the owner not providing all required supporting documents, including port logs and time sheets, within the 90 day claim period. The court found the charterparty language required all supporting documentation be provided for the claim. The ruling reinforces English law's strict approach to meeting contractual requirements for claims. Owners must take care to provide all documents required by the charterparty when making demurrage claims.
Trade Technologies has developed an online platform that allows shippers and receivers to track international shipments and payments, providing a more efficient alternative to the antiquated letter of credit system. The letter of credit system involves complex paperwork processes and foreign banks, resulting in delays. GT Solar now uses Trade Technologies' platform and can get paid faster, bypassing flaws and slow pace of the old system. While some still rely on letters of credit, Trade Technologies expects continued growth as it helps more companies streamline international payments.
This document provides tips to reduce logistics costs in 3 areas: international freight, parcel distribution, and warehousing/order fulfillment. It recommends negotiating rates with carriers, understanding fuel surcharge policies, consolidating loads, and selecting partners based on traffic profiles. For warehousing, it suggests deciding needs carefully and outsourcing non-core functions. Overall the document aims to help businesses manage logistics costs effectively through cost control strategies and expert advice.
This document provides tips to reduce logistics costs in 3 areas: international freight, parcel distribution, and warehousing/order fulfillment. It recommends negotiating rates with carriers, understanding fuel surcharge policies, consolidating loads, and selecting partners based on traffic profiles. For warehousing, it suggests deciding needs carefully and outsourcing non-core functions. Overall the document aims to help businesses manage logistics costs effectively through strategic partner selection and ongoing cost monitoring.
This document provides tips to reduce logistics costs in 3 areas: international freight, parcel distribution, and warehousing/order fulfillment. For international freight, it advises monitoring rates, building relationships with carriers, and questioning surcharges. For parcel distribution, it recommends understanding traffic profiles and researching carriers to select the best fit and avoid extra charges. For warehousing, it suggests deciding storage needs, outsourcing carefully, and ensuring value from fulfillment partners. The overall goal is to control transportation, inventory, and distribution expenses through the logistics process.
The document discusses how freight brokers experiencing financial trouble can partner with financially stable brokerage firms to save their businesses. By becoming independent agents, brokers can gain access to strong credit ratings and daily commission payments, allowing them to restore cash flow and negotiate payment plans with carriers. One example is given of a brokerage that owed carriers $500,000 but was able to cut fixed costs from 50% to 30% of revenues by outsourcing back-office functions to a larger partner brokerage. This arrangement helped the struggling brokerage recover and position itself to weather the economic downturn.
This document summarizes the key findings of a 2013 study on transportation payment practices. Some of the main findings include:
1) Shippers are paying their freight bills later, with the number paying within 30-45 days increasing by half, while fewer pay within 30 days. Large shippers pay later than small-medium shippers, with nearly a quarter paying over 45 days.
2) The costs to process and pay invoices remained similar to 2012. Shippers who outsource payment include only vendor costs, while those handling payment in-house include labor costs.
3) Auditing practices have improved somewhat, but most audits remain incomplete. More shippers conduct pre- and post-payment audits rather
Global Payables, Best Practices For Ecommerce Merchants By Dana Ninodananino
Global e-commerce merchants face challenges with cross-border payments including high costs, lack of transparency, and complex compliance requirements. There is a need for payment providers to offer more efficient, cost-effective methods in local currencies with real-time rates and reporting. Merchants should evaluate providers based on accuracy, bundling of payment types, online functionality, and auditing controls to streamline the payment process and reduce errors.
There are millions of dollars lost each year in the petroleum shipping industry due to cargo handling losses and measurement errors. The accepted loss thresholds before investigation are 0.15% for transit, 0.3% for generic load/discharge, and 0.5% for ship-to-ship transfers. Cargo assurance aims to proactively manage operational risks like lost revenue and claims through supervising cargo sampling, analysis, and measurement to ensure compliance with industry standards. Using cargo assurance can help companies reduce losses and insurance premiums, adding significant value.
Compass Commercial was hired by The Leukemia and Lymphoma Society to manage their 100 leases across the US and Canada. They consolidated the Society's lease data, developed a website to track leases, and established standardized space requirements to reduce unnecessary relocations. This helped reduce total rent costs by $13 million over six years. Compass Commercial also eliminated security deposits, legal fee reimbursements, and holdover expenses. The Director of Real Estate at LLS praised Compass Commercial for their tremendous savings and for becoming an integral part of their team.
ustoms clearance is a necessary procedure before goods can be imported or exported internationally. If a shipment is cleared, then the shipper will provide documentation confirming customs duties that are paid and the shipment can be processed.
Shipping companies are experiencing difficult financial times with many unable to repay or service debts. It is essential for companies to have properly documented and timely financial information, including financial models projecting future cash flows, to present to banks in the event of potential defaults. Financial modelling can help identify ways to manage volatility and support restructuring proposals. Experienced external advisors like Moore Stephens can help companies reduce costs associated with resolving financial problems by working with stakeholders before and after bank intervention.
Craig’s Crocodiles, Inc.
Accrual Concept
Accrual accounting requires that revenues and expenses be reported when the benefits have been received or used up and not when cash is collected.
Example 1: Georgia Pacific sells $100,000 in lumber to Home Depot in December 2007. Home Depot pays in January 2008. Georgia Pacific will record $100,000 in sales revenue for year 2007.
Example 2: Home Depot owes employees salary for December 2007 of $250,000 which it pays on January 1 2008. It has a salary expense of $250,000 in 2007.
13
Matching Concept
The matching concept requires that all costs – past, present or future – must be matched against the revenue they give rise to. A Ford dealer sells an automobile to a customer in year January 2008 that it had purchased in December 2007.
Example of Past Expense: Purchase cost of the automobile from 2007.
Example of Present Expense: Sales commission paid in January 2008.
Example of Future Expense: Estimated warranty repairs to be done in the future.
13
FASB Standards v Statements
Standards are issued by the Financial Accounting Standards Board and represent rules to be followed.
Statements of FASB are for “guidance” and not mandatory rules.
13
Revenue Recognition Guide
Most businesses typically recognize revenue at time of sale (delivery to a common carrier).
Statement of Concept # 5 requires two conditions for revenue recognition:
1. When products or other assets are exchanged for cash or claims to cash.
2. When the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.
13
Question 1:
Income per Crocodile
13
Per
Crocodile
Sales Price
?
Catching Expenses
?
Shipping Expenses
?
Collection and Bad Debts Expense
?
Total Expenses per crocodile
?
Net income per crocodile
?
Question 2:
Income Under Different Revenue Timing RulesProduction or Catching Basis: Delivery or Sale Basis: Collection Basis:
13
Question 2:
What method should we use?Statement of Concept # 5 requires two conditions:
Realized or realizable. Revenues and gains are realizable when related assets received or held are readily convertible to known amounts of cash or claims to cash.
Earned. Revenues are considered to have been earned when the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.
13
Question 3:
Balance of Lease TermPauly is suing Craig’s Crocodiles for 24 months of unpaid rent – the balance of the lease termDoes Pauly have a duty to mitigate damages?Is there is evidence of damages?
Question 4:
Punitive DamagesIs Pauly entitled to punitive damages? Is there is evidence of damages?
Question 5:
Accounting EntryAsk attorney if liability from the lawsuit is probable, reasonably possible, or remote. Recognize a contingent liability if in attorney’s opinion liability is probable. What is the entry as.
1. Canadian carriers Open-skies deal Coalition forges Special Reports: West Coast Ports;
contest US fees no boon for cargo PNW security network Transportation Intermediaries
VOLUME 8, ISSUE 14 APRIL 9, 2007 WWW.JOC.COM $5.00
The weekly newsmagazine of international trade and logistics, founded in 1827
Intermodal
overhaul
Maersk changes the way
it moves containers
in North America
2. CONTAINER SHIPPING
A dollar
here,
a dollar
BY PETER T. LEACH there
W
ith big-box retailers The money involved in erroneous
paying ocean freight billing for any one shipment may not
bills that add up to be much, but multiply an incorrect
millions of dollars a billing by the thousands of contain- errors in their own accounting sys-
year, they often find it hard to track ers that may have been billed wrong tems that may save them additional
whether their carriers have fulfilled and that can add up to real money. money on future shipments.
the contracted freight rate for every That’s why a number of retailers are “Sometimes a carrier contract
container they deliver. Their carriers turning to a company called Ocean has been signed and the cargo has
may not have recorded the pickup or Freight Refunds Inc., which per- been received on such and such a
delivery of a box on the correct date, forms post-shipment audits for date, but it doesn’t get through all
or may have billed the shipper at the importers before their three-year the systems, so you might get
wrong rate. The billing errors can statute of limitations on contract charged $75 more or $75 less,” said
result from fluctuating freight rates, claims runs out. They are getting Ray Burdgett, director of interna-
changes in surcharges or mistakes in significant amounts of money back tional transportation at Pier 1
inputting on both the carrier and from their carriers, and they are Imports in Fort Worth. “The biggest
shipper sides. using the audits to find and fix thing we found is in mistakes in tim-
Costs from erroneous billing
can add up quickly for shippers.
Here’s a way they can fix it.