Students will analyze Walmart (wmt) company's financial statement to prepare a written report and a...

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Students will analyze Walmart (wmt) company's financial statement to prepare a written report and a summary  presentation to the classrelating  to assigned GAAP topics.points to cover:1. revenue Recognition - to include discussion of ASC 605, ASC 606 and ASU 2015-4           2. Leases - to include discussion of ASC 840 and ASU XXXXXXXXXXyou can have information from this sites and you can also use any other siteshttp://www.fasb.org/FASBSearchResultshttps://www.sec.gov/edgar/searchedgar/companysearch.html2 - 3 pages if there are any tablet you must include the links and do not write them on pagesmust include all references and the link for each page

Robert · Accepted Answer

Revenue Recognition:
As per the Walmart revenue recognition policies they recognize the revenue from sales, at the time 
it sells it goods to the customers, digital retail sales include shipping revenue and it is recorded upon 
the delivery to the customers. Revenue from customer purchase of shopping cards is not recognized 
as revenue until the same is redeemed by the customer. Although, as per the ASC 605 revenue is 
recognized only when the contract is in writing and it is certain that goods and services are changing 
hands from the buyer to the seller. But in case of walmarts business model same is possible in case 
of store sales but in case of online, cash on delivery sales revenue can only be recognized upon the 
performance of the contract are met. But as per ASC 606 the written enforceability is not necessary 
the contracts must possess its enforceability to be completed though same may not be in the 
written format, as we see in the vouchers which are provided to the public at large, they have same 
time limit or have some conditions but when the customer purchases it from the stores although,

Students will analyze Walmart (wmt) company's financial statement to prepare a written report and a summary presentation to the class relating to assigned GAAP topics. points to cover: 1. revenue...

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