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The regulations regarding attribution vary by country - one can’t sensibly generalize regarding this issue.
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Done with Fuji and Adorama forever...
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Thanks for that.
There are a different set of criteria for recognizing bookings. And sales bonuses are sometimes based on bookings, with the potential for clawbacks.
jerseyinHK
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That company manufactured large machinery for the heavy clay industry. Sales were nearly all completed through a distributor network. I also think much of the accounting was done for their 'internal financing', as the owners self-financed the company rather than using a bank line of credit. Orders were processed and booked for our monthly reporting, then materials were ordered to manufacture the equipment.
SilverEagle1962
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Very interesting……!!!
SeeingSomeThingsMissingMany
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Perhaps it's the Universe protecting you.
Who knows maybe one day you were out with 100Rf, something untoward happens because someone else (violently) wanted your 100Rf.
Silver lining and all that.
--
Photography after all is interplay of light alongside perspective.
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SilverEagle1962
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Or may be faulty on off switch will show up after warranty is over….who knows ….
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It may be interesting but it isn’t standard accounting practice. Companies may do whatever they like internally, but would get sued if they tried this with their public filings.
SilverEagle1962
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Interesting enough for me…!!!
I am positive there is something to the creepy PREORDER….done it once , cancelled it …will never do it again.
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There appears to be an agenda here, with confirmation bias at work. I can understand your frustration, but I think you are attributing dark motives without evidence.
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SilverEagle1962
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????????
Let's say the company doesn't practice accrual accounting, but uses cash accounting, which would be unlikely. In that case, you can't book revenue until you get the cash or cash equivalent. That would mean that revenue recognition would occur after the card is charged, not after the credit hold is instated.
DavidMillier
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That's got to be the first reference to cash accounting v accruals I've ever come across on DPR in 25 years (I used to work for the UK National Audit Office, so the terms are very familiar to me)
Glad to help you relive old memories.That's got to be the first reference to cash accounting v accruals I've ever come across on DPR in 25 years (I used to work for the UK National Audit Office, so the terms are very familiar to me)
SilverEagle1962
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I find it rather odd Jim when you accuse me of having an AGENDA when you could not refute another member mentioned it is a common practice, so I follow dark movies but you do not when making such accusation? .
Let me tell you this and I will conclude with it may posts on this thread I initiated.
I am a board certified Internist been practicing medicine since 1985, and still, I love photography it is my hobby and I love everything about it from film to digital sans dark room where I do not want to immerse myself with chemicals or deal with it ( so it is develop film at home then scan and print…missing a lot but still rewarding experience)
I never had the experience of preorder …all those years it has been: I choose what I want to purchase check my cart out , pay for it , get it.
This was the first preorder experience I had and it was against my instinct , and it turned out my instinct was right.
I placed the preorder on April 7th and since then 2 emails to fuji with inquiries …non returned…about 7 emails to Adorama , non returned and almost every other day on the chat with Adorama rep. plus calls to their customer service to get ONE QUESTION ANSWERED….JUST ONE:
What is my rank on the preorder of the unfulfilled list?
I do not need to know how many , just my rank…I told them many times you have the time stamp of all the preorders to the second, and supposed to fill it first come first served, if you call most busy companies/stores on the phone including Adorama they will tell you in an automated message you are caller number 10 or 15 estimated time of waiting is 14 min or so do you want to continue holding or you want us to call yo back, yet they will never ever tell me what my rank is ….if this is not shady I do not know what is? they say fuji did not give us an estimated time of fulfilling the preorders, I say what fuji has to do with this , it is Adorama who has the time stamp of preorders and it is Adorama who knows what my rank is , fuji has nothing to do with it….no answer …THAT IS IN MY BOOK SHADY.
It made me think of something to the preorders compared to buying stuff on the shelf and another commenter confirmed my suspicion , I said many times I do not have a proof, just an instinct, which it totally different from an AGENDA…!
At the end I do respect you Jim as a moderator and it is my last comment on this thread , but accusing me of an Agenda is sad to me at least.
I wish whoever got the camera to enjoy it and I will as I said before enjoy what they capture with it, but I AM DONE WITH ADORAMA , PREORDERS, FUJI.
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https://www.flickr.com/photos/151760793@N02/
Let me tell you this and I will conclude with it may posts on this thread I initiated.
I am a board certified Internist been practicing medicine since 1985, and still, I love photography it is my hobby and I love everything about it from film to digital sans dark room where I do not want to immerse myself with chemicals or deal with it ( so it is develop film at home then scan and print…missing a lot but still rewarding experience)
I never had the experience of preorder …all those years it has been: I choose what I want to purchase check my cart out , pay for it , get it.
This was the first preorder experience I had and it was against my instinct , and it turned out my instinct was right.
I placed the preorder on April 7th and since then 2 emails to fuji with inquiries …non returned…about 7 emails to Adorama , non returned and almost every other day on the chat with Adorama rep. plus calls to their customer service to get ONE QUESTION ANSWERED….JUST ONE:
What is my rank on the preorder of the unfulfilled list?
I do not need to know how many , just my rank…I told them many times you have the time stamp of all the preorders to the second, and supposed to fill it first come first served, if you call most busy companies/stores on the phone including Adorama they will tell you in an automated message you are caller number 10 or 15 estimated time of waiting is 14 min or so do you want to continue holding or you want us to call yo back, yet they will never ever tell me what my rank is ….if this is not shady I do not know what is? they say fuji did not give us an estimated time of fulfilling the preorders, I say what fuji has to do with this , it is Adorama who has the time stamp of preorders and it is Adorama who knows what my rank is , fuji has nothing to do with it….no answer …THAT IS IN MY BOOK SHADY.
It made me think of something to the preorders compared to buying stuff on the shelf and another commenter confirmed my suspicion , I said many times I do not have a proof, just an instinct, which it totally different from an AGENDA…!
At the end I do respect you Jim as a moderator and it is my last comment on this thread , but accusing me of an Agenda is sad to me at least.
I wish whoever got the camera to enjoy it and I will as I said before enjoy what they capture with it, but I AM DONE WITH ADORAMA , PREORDERS, FUJI.
--
https://www.flickr.com/photos/151760793@N02/
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You find it interesting because in spite of being untrue, it is consistent with your hypotheses, it seems. Internally, for bonuses or whatever reasons, companies can do whatever they like with accounting.
They cannot, however, recognize revenue in audited statements or public filings unless specific criteria have been met. Preorders don’t count as events that allow revenue recognition.
The claim that preorders as recognized revenue is standard accounting practice isn’t true, and doesn’t support the notion that nefariousness is afoot.
As a doctor, you should look to objective facts and evidence, not biased theories, to inform your decision-making.
I consider this a refutation:
Under U.S. GAAP (and similarly under IFRS), revenue is recognized according to the five-step model in ASC 606:
- Identify the contract with a customer
- Identify the performance obligations
- Determine the transaction price
- Allocate the price to the performance obligations
- Recognize revenue when (or as) performance obligations are satisfied
Have you looked at ASC 606?
https://www.google.com/search?q=asc+606+revenue+recognition
Dark movies? Like cinema noir?
--
https://blog.kasson.com
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SilverEagle1962
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I have to clear this:
I said clearly it is an instinct ( subjective) , I do not have proof ( objective)
You can pick and choose from what I said all day long.
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If you prefer to use instinct rather than evidence and logic, fill your boots. Expect the resulting assertions to be challenged, however.
If you are interested in learning more about the subject, search the term “channel stuffing”.
jerseyinHK
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Just curious (and not trying to throw fuel on this), but I believe Adorama is a private S-Corp company, and they don't need to follow GAAP reporting?
While private S corporations are not mandated to adhere to Generally Accepted Accounting Principles (GAAP) for financial reporting, they are still subject to specific tax accounting rules established by the Internal Revenue Service (IRS). These rules are designed to ensure that revenue recognition is consistent, accurate, and not arbitrary.
Under the Internal Revenue Code, particularly Section 446, taxpayers are required to use a consistent accounting method that clearly reflects income. The IRS permits methods such as cash, accrual, or other approved methods, but once a method is chosen, it must be applied consistently. To change an accounting method, a taxpayer must obtain IRS approval, ensuring that income is not manipulated through frequent changes in accounting practices.IRS+3Wikipedia+3IRS+3IRS+1Wikipedia+1
For accrual-method taxpayers, Section 451 outlines the "all-events test," which stipulates that income is recognized when:IRS+3The Tax Adviser+3Wikipedia+3
- All events have occurred that fix the right to receive the income.
- The amount can be determined with reasonable accuracy.
The IRS's emphasis on consistency and clear reflection of income means that S corporations cannot arbitrarily recognize revenue. Even without GAAP compliance, the tax accounting methods must provide a true and accurate representation of income. Failure to comply can result in the IRS mandating a change in accounting methods or imposing penalties.
While private S corporations are not bound by GAAP, they are still required to follow IRS tax accounting rules that govern revenue recognition. These rules are in place to prevent arbitrary financial reporting and ensure that income is accurately and consistently reported for tax purposes.
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