Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
Apple Inc. accounts for the iPhone.
Description
Apple used subscription accounting to track revenue related with its iPhone device at first. However, beginning in 2008, the corporation began disclosing non-GAAP supplemental figures in which nearly all revenue was recorded up front. The reaction of market participants to the news was varied. Was Apple correct in claiming that the iPhone’s subscription accounting was insufficient?
the goal of learning
The scenario allows you to discuss revenue recognition criteria in the context of several deliverables. It also emphasizes the collaborative character of the standard-setting process.
Questions that must be answered
1) Discuss the differences between GAAP and non-GAAP numbers and how they affect financial statements. What are the differences between these two accounting procedures in terms of the balance sheet, income statement, and statement of cash flows?
2) Which strategy, and why, best mirrored economic reality?
There is no right or wrong response to this question (you could support either method). You should concentrate on clearly explaining the advantages and disadvantages of these two approaches.
3) Is it important to update the revenue recognition rule for smartphones? What would happen if the FASB approved Apple’s non-GAAP revenue recognition technique for the iPhone and converted it to GAAP?
4) Explain the current revenue recognition principle for iPhone as stated in Apple’s most recent 10-K. What distinguishes the existing rule from GAAP subscription accounting or Apple’s proposed non-GAAP methodology in this case? What are your thoughts on Apple’s new revenue recognition principle?
The case analysis report’s format is as follows:
In a clear and straightforward manner, the case analysis should answer precisely to the case questions. In general, the report should not exceed four pages of text (12 font size, 1.5 lines spaced, one-inch margins) plus four pages of appendices, which may include tables and figures if appropriate.
Apple Inc’s accounting for the iPhone
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Apple Inc’s accounting for the iPhone |
Apple Inc’s accounting for the iPhone