ACC 541 Week 4 Summary

In this week I learned about the reporting requirements for contingencies, debt restructuring, fair value measurement of derivatives and hedging activities. In addition, I learned about the impairment of a patent and how that would be accounted for in the financial statements if a client lost an impending lawsuit. Of particular importance to note, is the fact that even if the client loses the lawsuit. they are still entitled to subsequent royalties associated with the patent because the client still has ownership of the asset (patent).
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