To the Lighthouse‚ published in 1927 is one of Virginia Woolf’s most successful novels written in a stream of consciousness style. The novel is divided into three parts‚ which revolve around the members of the Ramsey family and their guests during visits to their summer vacationing residence on the Isle of Skye. The central preoccupation within the novel however is not to be found within the lives of the characters‚ instead they are seen as being secondary to the overall grounding of the novel
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correct decision about the revenue for the period. The percentage of completion method refers to the income earned by the contractor determined on the basis of progress of the contract. Under this method‚ current assets may include costs and recognized income not yet billed with respect to certain contracts. This method is most commonly used in the construction industry‚ where very long-term construction projects would otherwise keep a company from revealing any revenues or expenses on its financial
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Revenue recognition is a very important component of financial accounting and reporting. The accounting principles governing revenue recognition can have a big impact on corporate accounting and the way contracts are structured with customers. As a part of ongoing discussions to converge U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)‚ some proposals to change revenue recognition have been discussed. The following will discuss revenue
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Revenue recognition on FASB and IASB convergence process I. CONVERGENCE OF U.S. GAAP AND IFRS Since 2002‚ Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) have been working toward “convergence” of US General Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They have made significant progress in efforts to converge critical accounting standards such as those dealing with revenue recognition‚
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To the Lighthouse Summary: Part 1: The Window The novel starts in the Ramsays ’ summer home. Mr Ramsay tells to the family that will take them to the Lighthouse on the next day but it wasn’t possible due to bad weather. This makes a certain tension between James the son of the family and his father because he really wants to get to the Lighthouse. In this part Lily Briscoe attempts to paint a portrayal of Mrs Ramsay and her son James. Part 2: Time passes This second part gives the
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Financial Reporting and Analysis – ACG6175 Date: 5/18/09 Revenue Recognition Problems in the Communications Equipment Industry 1 – In late 2000‚ Lucent announced that revenues would be adjusted downwards by $679 million as a result of revenue recognition problems. Yet the firms market capitalization plummeted by $24.7 billion. Why do you think the market reacted so negatively to Lucent’s announcements of the problems? There is usually a grey zone between aggressive accounting‚ which
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Revenue Recognition: Case Study on Caltron Computers‚ Inc. Julie Mong April 17 ‚ 2010 1. In general‚ evaluate Caltron’s revenue recognition policy and the quality of Caltron’s earnings. Caltron Computers‚ Inc.‚ a computer hardware company‚ is publicly held with market capitalization amounting to over $450 million. Carlton’s system designs enable their mini-computer systems to measure up to the power of mainframes with small cost outlays. The accounting practices
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Recently in June 2010‚ the International Accounting Standards Board and the Financial Accounting Standard Board initiated a joint project and released an exposure draft named Revenue from Contracts with Customers. This exposure draft emphasizes the status of revenue in assessing financial statements and states that revenue is conclusive in assessing a company’s operating situation and developing prospects. This statement has a profound influence on accounting industry and has lead to a wide range
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Issues With Revenue Recognition within the Software Industry The Isoft Example Financial Controller-SoftWarehouse Ltd This report has been prepared for the Board of Directors of SoftWarehouse Ltd for elucidation about the contentious issues that have given rise to the publication of the article concerning Isoft’s issues with revenue recognition. Finally‚ it will also assess whether or not these issues are likely to affect SoftWarehouse Ltd. TABLE OF CONTENTS Executive Summary: 3
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Revenue-Recognition Problems in the Communications Equipment Industry 1) In late 2000‚ Lucent announced that revenues would be adjusted downwards by $679m as a result of revenue recognition problems. Yet the firm’s market capitalization plummeted by $24.7bn. Why do you think the market reacted so negatively to Lucent’s announcements of the problems? The large drop in market capitalization is probably due to several factors. Historically‚ Lucent had successfully met analysts’ projections for
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