Memo 1 Essay

348 words - 2 pages

Memo 1: eVade Pays Up

1. present obligation defer of liability
2. state law, so not a contingency
3. legal liability

On March 31, 2012
Doing nothing: reason: yes there is a new tax rule of amnesty program, but it’s contingent on voluntarily resgister on prospective basis. If they didn’t file the paper work, they still may subject to $60 million. No legal reduction on the liability yet.
Code: gain contingency, derecognition of liability extinguish405-40-1

On June 15, 2012

Memo 2:
Talking about 37 million dollars
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(Example 6 [see paragraph 840-10-55-38] illustrates this guidance.) However, lease payments that depend on an existing index or rate, such as the consumer price index or the prime interest rate, shall be included in minimum lease payments based on the index or rate existing at lease inception; any increases or decreases in lease payments that result from subsequent changes in the index or rate are contingent rentals and thus affect the determination of income as accruable. (Example 7 [see paragraph 840-10-55-39] illustrates this guidance.)

ASC FASB: 1. Earned 2. Received 3. Realizable
SEC: The staff believes that revenue generally is realized or realizable and earned when all of the following criteria are met:
1) Persuasive evidence of an arrangement exists, (in another words : a contract, gives you the right to collect—realizable; obligation –earned)
2) Delivery has occurred or services have been rendered, (realizable
3) The seller’s price to the buyer is fixed or determinable, and
4) Collectibility is reasonably assured.6

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