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The Relationship Between Measurement and Recognition - Term Paper Example

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"Accounting Theory: The Relationship Between Measurement and Recognition" paper seeks to accomplish the following; explain recognition criteria in the context of this case; relate the effects of uncertainty on the recognition of the asset, and assess the limitations of the current measurement…
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The Relationship Between Measurement and Recognition
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Download file to see previous pages The paper also aims to discuss the accounting issues raised by the amendment to the agreement between Frantek and Conte Technologies involving the supply of microcomputer accessory boards by the former to the latter. Discussions are expected to include a recommendation as to how Frantek should resolve issues relating to revenue recognition, inventory valuation, and liability recognition and classification.  On the basis of the case facts about Frantek, Inc., as the manufacturer-supplier, will be the one to resolve the issues; this paper is therefore primarily focused on the issues affecting that Frantek.

The relation of measurement and recognition is that measurability is a requirement of recognition of revenue, asset or liability. To illustrate the same, the conditions for the recognition of asset requires that the future economic benefits will flow to the entity as a result if an increase in an asset or a decrease in liability and that economic benefits can be measured reliably. On the other hand, the conditions for the recognition of liability requires that the future economic cost will flow from the entity as a result of a decrease an asset or an increase in another liability and that economic costs can be measured reliably (George Town Council, 2005)

To explain the recognition criteria in the context of this case there is a need to resolve the issues on recognition of revenues, assets, and liability by applying the rules. The issues therefore in the present cause ask the proper timing of recognition for revenues, assets, and liabilities. In the case of France, the revenue will have to be recognized when there is already a delivery of the microcomputer accessory boards to Conte the quantity is determined with the corresponding value in terms of dollars. The is only the time that that asset would be increased and economic benefits are measured reliably

The effects of uncertainty on the recognition of assets and liabilities will be best felt when measured. ...Download file to see next pagesRead More
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