Tax and Data Analytics [Video]

While a standard warranty against product defects is treated as a loss contingency, an extended warranty is treated as a separate performance obligation under U.S. GAAP. This means that a company selling an extended warranty would initially record the cash received (or accounts receivable) from the customer and record unearned revenue (a liability). The company would not record revenue related to the extended warranty until a portion of the extended warranty period has elapsed. For example, let's say a company sells a product with a standard 3-year warranty, but the company also offers the customer the opportunity to purchase an additional 2-year warranty (extending the warranty period to 5 years in total) for the additional price of $200. If the customer purchases the extended warranty, the company would recognize the $200 as revenue over the course of years 4 and 5 (usually on a straight-line basis; thus, $100 of revenue would be recognized at the end of year 4 and $100 of revenue would be recognized at the end of year 5).Any costs associated with the extended warranty would be recognized in the periods covered under the extended warranty; this is to ensure matching of the costs with the periods in which they generate revenue.0:00 Standard warranty1:30 Non-standard warranty3:25 Example4:14 Journal entry for standard warranty4:50 Accounting for extended warranty5:35 Journal entry for extended warranty— Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING• A 44-PAGE GUIDE TO U.S. TAXATION• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS• MANY MORE FREE PDF GUIDES AND SPREADSHEETS* http://eepurl.com/dIaa5z— SUPPORT EDSPIRA ON PATREON*https://www.patreon.com/prof_mclaughlin— GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/* https://michaelmclaughlin.com

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Check out our IFRS CPE at - https://www.cpethink.com/ifrs-cpe-for-cpasToday, we're going to go over the IFRS CPE courses for CPAs course list on CPE think.com. IFRS, which stands for International Financial Reporting Standards refers to a set f International Accounting Standards in a global economy that US companies sometimes need to be aware of and how they compare to GAAP. We have 16 courses that deal with IFRS issues. We have comparison courses, business combination of several that we have a series here of seven courses that a lot of people have a lot of positive feedback on. We've got a comparison course here real short one, US GAAP versus IFRS new guidelines, new lease accounting standards and how that applies or how IFRS fits into that. And then US GAAP and IFRS revenue recognition and business combinations. Any questions? Click the chat bubble down in the lower right. Let us know. To Contact Us please go to https://www.cpethink.com/contact-us or just open a chat on any page on our site.

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