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House www.jpspublished on www.jps-dir.com Income Determination
Recognition Basis /
Source of GAAP Method * Point of Sale ARB 43 (Ch 1A) * Transaction Approach
(Sale Basis) Reason(s) for Departing
from Sale Basis Criteria for use
of Basis * Exchange has taken Place.
* Earning Process is (virtually)
Complete. * During Production Basis * Percentage-of-Completion * Completion-of- Production * Availability of evidence of
* Better Measure of Periodic
* Avoidance of Fluctuations in
Revenues, Expenses, and
Income. * Immediate Marketability at * Known or determinable Quoted Prices.
* Unit Interchangeability. * Net Realizable Value Basis ARB 43 (Ch 4) * Long-Term Construction
Property, or Service Contract.
* Dependable Estimates of
Extent of Progress and Cost
* Reasonable Assurance of
Collectibility of Contract. ARB 45 and AICPA
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This document was uploaded on 02/09/2014.
- Winter '13