CACC 414 - Assignment#2

CACC 414 - Assignment#2 - RYERSON UN IVERSITY CACC 414 I...

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RYERSON UNIVERSITY CACC 414 – INTERMEDIATE ACCOUNTING ASSIGNMENT #2 IRTAZA JAVED, MUBASHIR AHMAD KHAN, PIYUSH KAPOOR 11/22/2008 1
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SOLUTION TO QUESTION #1 ECI 350 Victoria Street Toronto, Ontario M5B 2K3 Canada Memo To: Kevin Pietersen, President From: IMP Accountants Inc., Chief Accounting Officers Date: 07:07:41 Subject: Revenue Recognition for ECI Phase Projects Dear Mr. Kevin Pietersen, The advisory committee of our Accounting Officers would like you to know details about the revenue recognition policies for ECI’s operations that will be in accordance with GAAP. The alternative revenue recognition policies that can be used are mentioned in this report with recommendation to appropriate method that can be used for each Phase. Contract Methods: The completed contract method is used only when the percentage-of-completion method is not applicable. Used when performance requires many events i.e. continuous earnings process; can be used if transaction is measurable. When performance consists of
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CACC 414 - Assignment#2 - RYERSON UN IVERSITY CACC 414 I...

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