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Back to the Ussr

In: Business and Management

Submitted By jstanfo2
Words 1439
Pages 6
Universal School Supply Retailer, Inc (“USSR”) is a retailer of clothing, equipment, supplies, and other products targeted at students from grade school to college level. USSR is offering a promotion during August in which customers who spend a minimum of $100 will receive a $20 gift card that can be applied to their next purchase at USSR. These gift cards expire on November 1 of the current year and cannot be redeemed for cash. The main issues involved in this situation are when to recognize the revenue associated with the gift cards and how to record the transaction. These issues are addressed by multiple sections of GAAP, including the following: * ASC 605-50-20 * ASC 605-50-25 * ASC 405-40-30 * ASC 460-10-25
According to ASC 605-50-25-7, a vendor may offer a customer a rebate or refund or a specified amount of cash consideration that is redeemable only if the customer completes a specified cumulative level of revenue transactions for a specified time period. Cash consideration, as defined in ASC 605-50-20, includes cash payments and credits that the customer can apply against trade amounts owed to the vendor. In this situation, USSR is offering its customers a specified amount of cash consideration in the form of gift cards, which are only redeemable if the customer spends over $100 during the month of August. ASC 605-50-25-7 also specifies that the vendor – USSR – shall recognize the refund obligation as a reduction of revenue based on a systematic and rational allocation of the cost of honoring refunds earned and claimed to each of the underlying revenue transactions that result in progress by the customer toward earning the refund. The amount of revenue reduction the company should realize should be based on the estimated number of customers that will likely earn and claim the rebates or refunds under the offer. If the amount…...

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