Read e-book online Accountants’ handbook. Special Industries and Special Topics PDF

By D. R. Carmichael, O. Ray Whittington, Lynford Graham

ISBN-10: 0471790397

ISBN-13: 9780471790396

This very hot reference is trusted by way of a substantial a part of the accounting career of their daily paintings. This instruction manual is the 1st position many accountants glance to discover solutions to perform questions. Its finished scope is widely known and depended on. it really is designed as a unmarried reference resource that offers solutions to all moderate questions about accounting and fiscal reporting requested by way of accountants, auditors, bankers, attorneys, monetary analysts, and different preparers and clients of accounting info.

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Example text

Substantial investments in property, plant, and equipment are required; usually they represent more than 50 percent of a mining company’s total assets. The significant capital investments of mining companies and the related risks inherent in any long-term major project may affect the recoverability of capitalized costs. The operational stages in mining companies vary somewhat depending on the type of mineral, because of differences in geological, chemical, and economic factors. The basic operations common to mining companies are exploration, development, mining, milling, smelting, and refining.

Like petroleum exploration and production, the mining industry is capital intensive. Substantial investments in property, plant, and equipment are required; usually they represent more than 50 percent of a mining company’s total assets. The significant capital investments of mining companies and the related risks inherent in any long-term major project may affect the recoverability of capitalized costs. The operational stages in mining companies vary somewhat depending on the type of mineral, because of differences in geological, chemical, and economic factors.

The SEC has provided guidance for revenue recognition under GAAP in SAB No. 101, which was issued in December 1999. The staff noted that accounting literature on revenue recognition included both conceptual discussions and industry-specific guidance. SAB No. 101 provides a summary of the staff’s views on revenue recognition and should be evaluated by mining companies in recording revenues. Revenue should be recognized when the following conditions are met: • A contractual agreement exists (a documented understanding between the buyer and seller as to the nature and terms of the agreed-upon transaction).

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Accountants’ handbook. Special Industries and Special Topics by D. R. Carmichael, O. Ray Whittington, Lynford Graham


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