GAAP Rule effect on International Accounting Essay

GAAP Rule effect on International Accounting - Essay Example According to this model revenue will not be recognized unless the performance requirement is satisfied. The FASB and IASB proposed an approach for recognition of revenue which will form one single standard in all industry for accounting. These newly developed standards need better disclosure in balance sheet. This will help an accountant by making their job much easier because they don’t have to follow other standards. FASB has developed five steps that a company must follow for the new process of recognition of revenue. 1. A company must recognize the contract for revenue recognition. This will supply goods and services to its customer. Contracts can be in written format or may be oral. Company required segmenting the contract if the value of some goods or services is prepared independently. 2. The goods and services of contract should be accounted as different performance obligations because the goods or services are sold independently and they have different profit margin. If the good or service is similar then it must be combined with other good or service until a different performance obligation is created. 3. This is the third step in recognition process. In this process company has to determine the transaction price.

SMB team on-demand CRM comparison guide by Ziff Davis Essay

SMB team on-demand CRM comparison guide by Ziff Davis - Essay Example The products can also be applied for single use or for departmental use. Each product also has a different pricing basis that ranges in price, duration of license and number of users per license. The products’ mode of sale, year of development, and ownership are also diversified. They however serve a wide customer base in the global market (Davis, p. 1).The reported Customer Relationship Management products also have differentiated features. The products’ specifications such as versions are for example distinct for each product. Similarly, the products functions are diversified and include â€Å"sales, marketing, service, workflow, system customization, offline synchronization, customer service, reporting and inventory management† functions that are either singly or jointly applicable (Davis, p. 2). The products are also identified with special features that apply to some of the functionalities. Such functions are sales, marketing.The content of the paper â€Å" SMB team on-demand CRM comparison guide by Ziff Davis† is relevant and valuable to my project that seeks to recommend application of Customer Relationship Management to Macy’s enterprises. This is because it identifies features of different Customer Relationship Management products, their functions that identify the products’ benefits, and features of every product towards its functions. It therefore helps with information that supports my project’s recommendation of a specific product to Macy’s Inc.