Case 10-11 Solution Essay - 1849 Words

1. Is Eye Vision’s arrangement with Holland Hospital within the scope of ASC 985-605, Software: Revenue Recognition? In this case, the main content of the Eye Vision’s arrangement with Holland Hospital include embedded software medical equipment and an initial option to purchase a two-year separately priced maintenance agreement. In this case, becauseâ€Å"Eye Vision has never sold, nor does it offer to sell, the Clear View Laser without the embedded software because the software is necessary to perform the medical procedures for which the laser is intended†, and â€Å"Eye Vision has never sold, nor does it offer to sell, the Clear View Laser without the embedded software because the software is necessary to perform the medical procedures for†¦show more content†¦Based on ASC 605-25-25-5 of FASB, there are two conditions should be met if the delivered item or items shall be considered a separate unit of accounting. One is that the delivered item or items have value to the customer on a standalone basis. Another one is the consideration of the general right of return relative to the delivered item, if there is a general right of return relative to the delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the vendor. Based on an evaluation of the circumstances, the first condition for separation is met for the Clear View Laser with the embedded software. That is, the Clear View Laser with the embedded software has value on a standalone basis because it is sold separately by Eye Vision Inc. The second condition is also met because there are no general rights of return in this arrangement. Therefore, the Clear View Laser with the embedded software and the two-year separately priced maintenance services should be accounted for as separate units of accounting. References from FASB codification ASC 605-25-25-5 In an arrangement with multiple deliverables, the delivered item or items shall be considered a separate unit of accounting if both of the following criteria are met: a. The delivered item or items have value to the customer on a standalone basis. The item or items have value on a standalone basis if they areShow MoreRelatedDetermination of Calcium Ions in Milk Using Titration1299 Words   |  6 Pagesmilk. Also to compare two different types of milk’s calcium content. For this I shall be using full fat milk and semi skimmed milk, to discover which, if either have a higher content of calcium. The amount of calcium in a solution can be determined using titration. In this case it will be complexometric titration against EDTA (ethylenediamine tetraacetic acid). EDTA is a hexaprotic acid, meaning that each of the amines nitrogen’s and each of the acid’s oxygen’s can donate one electron pair. 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