Where Are We with Long-Term Contract Accounting?

2004 ◽  
Vol 18 (3) ◽  
pp. 207-219 ◽  
Author(s):  
Robert K. Larson ◽  
Karen L. Brown
Keyword(s):  
Exploratory Study ◽  
Academic Research ◽  
Fortune 500 ◽  
Revenue Recognition ◽  
Term Contract ◽  
Current Practices

In response to practices by major U.S. corporations, the SEC and the FASB initiated major revenue recognition projects. This commentary examines the accounting for long-term contracts, an aspect of revenue recognition often overlooked in academic research. The exploratory study reported here describes current practices and disclosures about long-term contracts by Fortune 500 corporations, examines the level of comparability in these disclosures, and provides explanations for current practices.

scholarly journals Analisis Penerapan Pengakuan Pendapatan Kontrak Konstruksi Berdasarkan PSAK 34

2019 ◽  
Vol 7 (3) ◽  
pp. 391-396
Author(s):  
Riki Subagja ◽  
Didit Pradipto
Keyword(s):  
Accounting Standards ◽  
Financial Statements ◽  
Revenue Recognition ◽  
Short Term ◽  
Construction Contracts ◽  
Term Contract ◽  
Short Term Contract ◽  
The One ◽  
Construction Services

This study aims to analyze the implementation of contract revenue recognition based on PSAK 34. The problem that is often faced by companies that are particularly engaged in the field of construction services in the recognition of income is the method of revenue recognition what should be used or applied, because there are differences in recognition between the one method with others. Especially if a project is done is more than a year or the so-called Long-term project. In addition, the presentation of financial statements of income recognition in each accounting period must be reported in accordance with generally accepted Accounting Standards (PSAK No. 34 concerning Construction Contracts). There is only one method used or applied that is the percentage completion method. The percentage method recognizes income with two approaches, based on physical progress and cost-to-cost. PT X as a construction service company uses the percentage of completion method with a physical progress approach (Physical progress) in the recognition of his opinion for both long-term contract and short-term contract. The results of this study conclude that the accounting treatment of the application of revenue recognition of construction services by using the percentage of completion method with physical progress approach on PT X is in conformity with the accounting standards set in PSAK No. 34. However, when compared to revenue recognition using the percentage of completion method with a cost-to-cost approach the firm can recognize the revenue and expenses more to illustrate or show a more proportional calculation because it corresponds to the costs incurred or poured out.   Keywords: revenue recognition, expense recognition, PSAK no. 34

Long-Term Monitoring and Research in the Clarion-Clipperton Zone

2021 ◽  
Vol 55 (6) ◽  
pp. 16-21
Author(s):  
Laurence P. Madin
Keyword(s):  
Large Scale ◽  
Renewable Energy Sources ◽  
Academic Research ◽  
Climate Science ◽  
Polymetallic Nodules ◽  
Continuous Presence ◽  
Offshore Oil Industry ◽  
Offshore Oil ◽  
Term Monitoring

Abstract The widely recognized need for large-scale transition from fossil to renewable energy sources has led to renewed effort to obtain metals needed for battery-based electric transportation and other functions. A potential source of some of these metals is the deposits of polymetallic nodules on the deep seafloor. If mining of these deposits proceeds in the coming decade, the enterprise creates an opportunity for extensive, long-term oceanographic research in the mining locations. The need to monitor environmental effects of mining activity can best be met with a near-continuous presence of a research platform in the vicinity. The platform could be a ship or potentially a semi-submersible platform like those used in the offshore oil industry. Such a facility might be supported by a consortium of mining companies and also provide opportunities for academic research in ocean and climate science.

Evaluation of the inhibitory potential of essential oils and aromatic extracts on SARS-CoV-2 Mpro and PLpro

2021 ◽  
Author(s):  
Daniel Strub ◽  
Michał Talma ◽  
Maria Strub ◽  
Wioletta Rut ◽  
Mikołaj Żmudziński ◽  
...  
Keyword(s):  
Essential Oils ◽  
Exploratory Study ◽  
Therapeutic Strategy ◽  
Plant Materials ◽  
Highly Pathogenic ◽  
Significant Growth ◽  
Volatile Products ◽  
Inhibitory Potential ◽  
Human Coronaviruses

Abstract Essential oils and aromatic extracts (oleoresins, absolutes, concretes, resinoids) are often used as food flavorings and constituents of fragrance compositions. The flavor and fragrance industry observes significant growth in sales of some natural materials during the COVID-19 outbreak. Some companies worldwide are making false claims regarding their essential oils or blends to be effective (or indirectly points towards this conclusion) against coronaviruses even though the available data on the activity of plant materials against highly pathogenic human coronaviruses is very scarce. Our exploratory study aimed to develop pioneering knowledge, and provide the first experimental results on the inhibitory properties of hundreds of flavor & fragrance materials against SARS-CoV-2 main- and papain-like proteases. As essential oils are volatile products, they could provide an interesting subsidiary inhalation therapeutic strategy in the long term.

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