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Essay Available:
Pages:
2 pages/≈550 words
Sources:
3 Sources
Level:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
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Topic:

Collaborative Arrangements: Main Provisions. Accounting, Finance Essay (Essay Sample)

Instructions:

Read the attached exposure draft**
Task:
Evaluate and summarize the exposure draft’s main provisions in light of the conceptual framework (include qualitative characteristics of useful information).

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Content:


Collaborative Arrangements: Main Provisions
Name
Institution
Date
Evaluate and summarize the exposure draft’s main provisions in light of the conceptual framework (include qualitative characteristics of useful information).
The FASB has proposed various individual projects, and the Collaborative Arrangements (Topic 808) issued on April 26, 2018. These announcements help the accountants, auditors, and organizations prepare for significant changes in financial reporting (FASB, 2018). Collaborative Arrangements are joint operating activities when the parties formalize their business activities and operations without forming a separate entity to conduct their business (FASB, 2018). However, Topic 808 does not offer comprehensive guidance in collaborative arrangements, and various reporting entities have adopted different reporting practices. Topic 808 would be consistent with Topic 606 Revenue from Contracts with Customers, a revenue recognition standard where one or more of the parties are customers (Sparger, 2017). Clarification on the unit-of-account guidance and two qualifies as a customer provides insights on how to account for revenue in collaborative agreements.

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