Acct 712 James De La Torre Professor Neal B. Hitzig Case 09-2 Pharmagen 1. Since there is no obligation to the nonrefundable repayment of the $500 million of funding and Pharma retains intellectual rights (no financial risk for Pharma as per ASC 730-20-25-4)‚ it can be seen as a Research and Development and expensed as incurred according to ASC 730-20-35-1 because no future service can be made. The funding for product X is specified by the investor to be used only for R&D of
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“Contribution Expense” and “Loss on disposal of x asset” for $2‚000 and $8‚000 crediting the asset for $10‚000. In this case‚ the fair value of my asset was lower than its book value forcing me to recognize a loss on my contribution. FASB ASC 845-10-30-1 In general‚ the accounting for nonmonetary transactions should be based on the fair values of the assets (or services) involved‚ which is the same basis as that
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Inventory 10 Overall 330-10-00 Status Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates. The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial‚ link and similar corrections are included separately in Maintenance Updates. General 330-10-00-1 330- 10-00No updates have been made to this subtopic. 330-10-05 Overview
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In this situation I would argue that ASC 730-20 is applicable. Pharmagen is entering into an agreement with PEI (investors) on a contractual basis to provide services and an option to acquire the results of the R&D (FASB 68). Pharmagen retains all ownership rights to the development of X. It also states that in R&D arrangements the entity (in this case Pharmagen) usually has an option to either purchase the partnership’s interest (PEI) or to obtain the exclusive rights to the entire results in
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Rani Saleh ASC 1190 Pamela Antos 23 January 2015 Critical Reading Assignment #1 1. Do you think instructors and students need to know anything about each other’s personal lives? Does it depend on what subject the instructor is teaching? Why or why not? I believe that the sharing of personal lives between instructors and students can be a great tool to better connect with the students. If the students know the teacher on a more personal level‚ they may view their teacher as someone they
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Philosophy of Reading Tammy Williamson December 6‚ 2014 Grand Canyon University: EED-470 "Just simply teaching a child to read is not enough; we must provide them something that is worth reading. Material that will make their imaginations grow - materials that will help them to understand their own lives and push them towards interacting with others who ’s lives are completely different than there own" (Paterson). As elementary educators it is our privilege and responsibility to expose young
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consideration transferred in the acquisition. B6.4.4.7 Factors involving a formula for determining contingent consideration Excerpt from Accounting Standards Codification Business Combinations — Overall Implementation Guidance and Illustrations 805-10-55-25 g. Formula for determining consideration. The formula used to determine the contingent payment may be helpful in assessing the substance of the arrangement. For example‚ if a contingent payment is determined on the basis of a multiple of earnings
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Case No. 2: Pharmagen Pharmaceutical Development Funding According to the Accounting Standards Codification‚ the funding arrangement between Pharmagen (Pharma) and the private equity investor (PEI) would be applicable under the Research and Development Arrangements standard (ASC 730-20). This standard provides guidance for entities that are entered into a research and development (R&D) arrangement who acquire the results of research and development through the entire or partial funding by others
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Trueblood Case 9-2: Pharmagen 1. State the issue at hand. (Typically this is merely the question you are asked at the end of the case.) How to account for the funding of the R&D and royalty payments 2. State the fact pattern. BRIEFLY present the relevant facts. (Bullet points can be very useful here.) (This can be a challenge‚ given that some Trueblood cases are only a few paragraphs long‚ it can be hard to further summarize them.) • Pharmagen entered into a funding agreement with Company XYZ
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ESSAY (25 in 1) Value of time‚ Education‚ Honesty‚ Patriotism‚ Discipline‚ Dignity of Labor‚ Perseverance‚ Confident‚ Punctuality‚ Kindness‚ Politeness‚ Dutifulness‚ Charity‚ Good Manner‚ Self-reliance‚ Truthfulness‚ Faithfulness‚ Courtesy‚ Modesty‚ Industry‚ Labor‚ Friendship‚ Co-operation‚ Obedience to Parents‚ Obedience to Students. (N.E.) is the most valuable and powerful element of success in life. Man is a social being. In society he cannot do whatever he likes. He has to abide some rules
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