Case 12 2 to recognize or not to recognize that is the question

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How, if at all, is the modification to the line of credit recognized or disclosed in the financial statements? This disclosure would include its estimate of the effect on the financial statements and would likely include a statement that the purchase price allocation is not complete.

Alternative 4 — Recognized subsequent event The due diligence for the acquisition started before the balance sheet date.

Alternative 3 — Nonrecognized subsequent event that does not require disclosure The acquisition is of a company in the same line of business that will primarily serve to benefit expanded future operations. The term was extended another three years past the original due date i.

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If so, how does this information impact the amount recognized or disclosed? Solution 3 — Acquisition of a New Publishing Company Discussion 4 — Disclosure of Issuance Date What should Shakespeare state in its disclosure about the date through which the financial statements were evaluated for subsequent events?

How, if at all, is the modification to the line of credit recognized or disclosed in the financial statements? Management has a history of accurately estimating the IBNR liability using these techniques as validated by the actual claims received.

Accounting Alternatives Alternative 1 — Recognized subsequent event Yes, the claims data should be considered. It is a judgment call if this pro forma information would be included in the footnotes or in columnar form on the face of the historical statements either view is supportable.

On March 1,the Company completed its modification of the terms of the line of credit with the bank to finance the acquisition of a competitor printing and publishing company see further facts of acquisition below. Management must rely on this process for its best estimate of the IBNR liability to timely close the books and issue financial statements.

Because all claims are historically received within two months of the service being performed, the claims received as of March 18,most likely represent the entire population of IBNR claims as of December 31, Shakespeare is contemplating adopting IFRSs in the coming year.

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The estimated purchase price allocation has not been finalized and is expected to be after the financial statements are issued. Solution 2 — Line of Credit Modification Discussion 3 — Acquisition of a New Publishing Company How, if at all, is the acquisition of Hamlet recognized or disclosed in the financial statements?

On March 1,the Company completed its modification of the terms of the line of credit with the bank to finance the acquisition of a competitor printing and publishing company see further facts of acquisition below. Alternative 3 — Nonrecognized subsequent event that does not require disclosure The modification itself has no impact on events or conditions that existed as of the balance sheet date.

Disclosure of the nature of the event and the estimate of its effect on the financial statements in the future are required to keep the financial statements from being misleading in light of the current disclosures of the significant terms on its debt arrangements and capacity to borrow.

The estimated impact of the acquisition is straight-forward and sufficiently clear to a user of the financial statements without pro-forma disclosure in the footnote or face of the balance sheet.

Solution 5 — IFRSs. Noncurrent liabilities increased by 73 percent total liabilities by 55 percent. Shakespeare is planning to issue its financial statements on March 20, Historically, all claims are received by Shakespeare within two months of the medical services being provided to its employees.

Management has a history of accurately estimating the IBNR liability using these techniques as validated by the actual claims received. What should Shakespeare disclose about the date through which the financial statements were evaluated for subsequent events?

How would this disclosure change if Shakespeare were an SEC filer? Alternative 2 — Nonrecognized subsequent event that requires disclosure, supplemented with pro forma financial data See Alternative 2 in Question 2; this view would not be as meaningful without concurrently disclosing the impact from the modification of the line of credit since the entire purpose and use of the draw from this modification was used to finance the acquisition.

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Should the information pertaining to actual claims incurred as of the balance sheet date that became available after the balance sheet date is considered in determining managements best estimate of the medical benefits payable?

As such, management concludes that it is most appropriate to disclose the nature of the event and estimated effect on the financial statements in the footnotes with disclosure of pro forma financial information on the basis of the following: Solution 1 — Medical Benefits Payable Discussion 2 — Line of Credit Modification How, if at all, is the modification to the line of credit recognized or disclosed in the financial statements?

Named after Robert M. What guidance in IFRSs addresses events that occur after the balance sheet date but before the financial statements are issued?

The key modified terms are as follows:Free Essays on Case 12 2 To Recognize Or Not To Recognize That Is The Question. Get help with your writing. 1 through We’ve Got Lots of Free Essays. Login; Case 12 2 To Recognize Or Not To Recognize That Is The Question Search.

Search Results. Lg Case Notes PART IV Instructor’s Teaching Notes AAA, INC. (A SERVICES. The Trueblood case studies, Case: To Recognize or Not to Recognize, That Is the Question DTTL (also referred to as "Deloitte Global") does not provide services to clients.

In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United. Case 12 2 To Recognize Or Not To Recognize That Is The Question Expense by $ million and a decrease in Medical Benefits Payable of the same amount.

Additionally, ASC provides for a disclosure indicating that subsequent events were evaluated through the financial statement date of March 20, Case 12 02 To Recognize Or Not To Recognize That Is The Question Case 12 - 02 To Recognize or Not to Recognize, That Is the Question Shakespeare Inc.

(“Shakespeare” or the “Company”) is a privately held book printing and publishing company with a December 31 year-end. Nov 12,  · Sim 2 will not recognize Sim I have a XL Dual Sim. I have a Sim from Ireland and it will not recognize the sim card. Question Info Last updated May 17, Views 31 Applies to: Microsoft Lumia and Nokia Lumia / Settings In that case, we suggest that you contact our B2X team for in-depth support through this link.

To Recognize or Not to Recognize, That Is the Question Shakespeare Inc. (Shakespeare or the “Company”) is a privately held book printing and publishing company with a December 31 year-end.

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Case 12 2 to recognize or not to recognize that is the question
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