Which of the following statements is not true regarding transactions involving intellectual property?

Best Available Writers

6. Which of the following statements is not true regarding transactions involving intellectual property?

a. The revenue recognition approach depends on whether the transaction is considered a sale or a license.

b. If a contract is considered a license, the firm must determine if the license is a distinct performance obligation.

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

7. Under ASC Topic 606, which of the following statements is not true regarding the use of practical expedients in applying the revenue recognition model?

a. A firm is not required to adjust the transaction price for a significant financing component if, at the contract inception, the period between the payment and the transfer of goods or services is expected to be a year or less.

b. One expedient is to use a portfolio approach to numerous contracts with similar characteristics.

c. A firm can file an application to use a practical expedient on a large contract if it is under severe time pressure.

d. Determining the use of an expedient is dependent on whether there would not be a material difference in the financial statements from a more vigorous application of the standard.

Under GAAP accounting standards- Revenue recognition, this is Analysis of financial statements

Which of the following statements is not true regarding transactions involving intellectual property?

Which of the following statements is not true regarding transactions involving intellectual property?

Which of the following statements is not true regarding transactions involving intellectual property?

Which of the following statements is not true regarding transactions involving intellectual property?

Which of the following statements is not true regarding transactions involving intellectual property?

Which of the following statements is not true regarding transactions involving intellectual property?

Which of the following statements is not true regarding transactions involving intellectual property?

Best Available Writers