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Assignments - Revenue Recognition
Homework questions: 1. FASB and the IASB are working on a joint convergence project to bring US GAAP and IFRS revenue recognition rules into alignment. There are still some very significant differences between the 2 standards, which will require much work and compromise if a single standard is to be achieved. Select one area of revenue recognition and discuss the current difference between US GAAP and IFRS. What do you think needs to be addressed in that difference to achieve "convergence"? Do you believe convergence on that area is achievable? And if it is ultimately achieved, which standard, US GAAP or IFRS do you think it will most closely resemble in its final form?
2. If the US adopts IFRS and moves towards a principles-based system of recognizing revenue, do you think we will return to the problems and inconsistencies that existed prior to the many rules we now used in GAAP? Will this present problems for audit firms?
3. How do you think financial statement disclosures will be affected by a move to a more principles-based system of revenue recognition?
4. The world of science is changing rapidly and accounting rules are often difficult to apply when new products are developed. Many companies are near breakthroughs using stem cell technology for everything from growing replacement organs to engineering cells which can deliver cancer-killing viruses directly to tumors. How do you think revenue recognition will have to change to keep up (if it can)? No right or wrong answers here, just interested in your thoughts!
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.
Term Structure of Interest Rates
Write a report on Internal Controls
Prepare the bank reconciliation for company.
Create a cost-benefit analysis to evaluate the project
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Distinguish between liquidity and profitability.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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