Bo Broker Company charges a fee for bringing together the Acme Construction Company and the First Bank Company. The parties agree that Bo earns her fee when Acme and First ?agree? to the terms of the construction mortgage. However, Bo can receive four types of documents to ?settle? this matter: (a) a non-interest bearing, unsecured ?negotiable? note in payment of the fees earned, which is payable over the time period of the related construction mortgage; (b) a non-negotiable note payable over the same time period as in case (a); (c) a commitment letter, not contingent upon the ?future event? of the borrower receiving certain construction draws; or (d) a commitment letter, where the fees would be paid only if the borrower actually receives the draws for the construction from the lender. Bo asks the accountant when to recognize revenues under each of these four scenarios.
1. Discuss the relevant authorities and their application to the given facts (ex: FASB Codification, Accounting Standards Updates, etc.). Use the FASB Codification and ASU's to explain when to recognize revenue under each of the four scenarios. Make sure to cite the source for each scenario. ? I am having trouble with this part. I am not sure where to look and what information to use. I have found some stuff from the Codification, but it seems rather outdated (1984). I also found an ASU from 2014, but don?t know how the information would relate to recognizing revenue under each of the four scenarios presented in the case. This part must be cited to the relevant information in the Codification, ASU, etc.
2. Conclusion ? After completing part (1), we must make a conclusion about the case. I am also having trouble with this part.
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