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having trouble with these cases! IFRS Case 6-18 Comparison of revenue recognition for construction contracts IFRS ThyssenKrupp AG, headquartered in Germany, is one of the
having trouble with these cases!
IFRS Case 6-18 Comparison of revenue recognition for construction contracts IFRS ThyssenKrupp AG, headquartered in Germany, is one of the world's largest technology companies, with almost 160,000 employees worldwide and primary segments in steel, technology, and capital goods and services. Required: 1. Access ThyssenKrupp's most recent annual report using the Internet. Find the footnote describing significant accounting policies. Indicate the methods that ThyssenKrupp uses to account for long-term construction contracts when they can and cannot make an accurate estimate of the income on a construction contract. 2. If ThyssenKrupp was a U.S. company, how would you expect its accounting for these contracts to differ? The following Trueblood case is recommended for use with this chapter. The case provides an excellent opportunity for class discussion, group projects, and writing assignments. The case, along with Professor's Discussion Material, can be obtained from the Deloitte Foundation at its website www.deloitte.com/us/truebloodeases. Case 12.5: Aren't We Done Yet? This case concerns the appropriate timing of revenue recognition for a long-term construction contract, including percentage-of-completion, completed contract, and zero-profit methods used pre-1SU Na. 2014.09 under U.S. GAAP and IFRS. IFRS Case 6-18 Comparison of revenue recognition for construction contracts IFRS ThyssenKrupp AG, headquartered in Germany, is one of the world's largest technology companies, with almost 160,000 employees worldwide and primary segments in steel, technology, and capital goods and services. Required: 1. Access ThyssenKrupp's most recent annual report using the Internet. Find the footnote describing significant accounting policies. Indicate the methods that ThyssenKrupp uses to account for long-term construction contracts when they can and cannot make an accurate estimate of the income on a construction contract. 2. If ThyssenKrupp was a U.S. company, how would you expect its accounting for these contracts to differ? The following Trueblood case is recommended for use with this chapter. The case provides an excellent opportunity for class discussion, group projects, and writing assignments. The case, along with Professor's Discussion Material, can be obtained from the Deloitte Foundation at its website www.deloitte.com/us/truebloodeases. Case 12.5: Aren't We Done Yet? This case concerns the appropriate timing of revenue recognition for a long-term construction contract, including percentage-of-completion, completed contract, and zero-profit methods used pre-1SU Na. 2014.09 under U.S. GAAP and IFRS Step by Step Solution
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