1976), the taxpayer accounted for most of its charge accounts on the installment method, but used the less favorable accrual method for one type of charge account that the IRS did not think properly fit the definition of "installment sale.
The taxpayer won the case by convincing the court that the installment sale rules required all charge sales that met the definition of "installment sale" to be accounted for under the installment method.
ACQUIRING COMPANIES PAY A HIGHER PREMIUM to pool, on average, than to complete a deal that is accounted
for as a purchase.
116 and 124 allow temporarily restricted income and contributions to be accounted
for as unrestricted income if the restriction is met in the same accounting period.
EITF Abstracts includes an example of the application of these consensuses to a limited partnership investment in an affordable housing project accounted
for under the cost, equity and effective yield methods.
Financial statement users could draw company-to-company and country-to-country comparisons because like transactions would be accounted
for and reported in a similar manner no matter where in the world they occur or are reported.
97 contracts should be accounted for as a catch-up adjustment.
Accounting problem: (1) Should changes in estimates Of future gross products that are the basis of amortizing the present value of future profits (PVP) of acquired long-duration insurance contracts be accounted for as a catch-up adjustment?
structurings deal with accounting for foreclosure or repossession of assets in satisfaction of receivables and requires foreclosed assets be accounted
for at their fair value at the time of foreclosure.
Accounting changes from another accounting principle to an EITF consensus should be accounted
for in accordance with Accounting Principles Board Opinion no.
They believed purchase accounting would not apply to such transactions because they are combinations of enterprises under common control, which normally are accounted
for at historical cost in a manner that is similar to pooling.