Trueblood Case 14 3: Coconut Telegraph Essay

782 words - 4 pages

Trueblood Case 14-3: Coconut Telegraph
Brett O’Baker
9/14/15
Facts:
* Coconut Telegraph Corporation (Coconut) is a developer and provider of specialized customer billings and management software and systems
* On February 1, 2012, Coconut entered into an arrangement with Buffett Worldwide Inc. (Buffett) to deliver the Volcano System and provide one year of post-contract customer support (PCS) beginning March 1, 2012.
* Buffett paid $12,000 on February 1, 2012, for the Volcano System and the related PCS.
On May 1, 2012, and in a separate contract, Coconut agreed to provide Buffett with (1) training services on the customer management system and (2) an additional year of PCS.   ...view middle of the document...

Per 985-605-25-6a, if an arrangement includes multiple elements, the fee shall be allocated to the various elements based on vendor-specific objective evidence of fair value, regardless of any separate prices stated in the contract for each element. In this case, vendor-specific objective evidence of fair value is limited to the price charged when the same element is sold separately. Of the $12,000 Feb 1 agreement, $10,286 will be allocated to the Volcano System and $1,714 will be allocated to the PCS. The portion of the fee allocated to post-contract customer support shall be recognized as revenue ratably over the term of the post-contract customer support arrangement, because the post-contract customer support services are assumed to be provided ratably (PCS 985-605-25-67).
As of April 30 - Recognized Revenue – Volcano System $10,286, PCS $286 (2 mths)
Deferred Revenue – PCS $1,428
3. Should the February 1, 2012, agreement and the May 1, 2012, agreement be accounted for separately or as a single arrangement?
Arrangements for products or services containing software that is incidental to the products or services as a whole will not be included indicating the 2 arrangements will be separate (ASC 985-605-15-4a).
4. On the basis of the response to Question 3, how should Coconut account for the execution of the May 1, 2012, agreement? Provide the deferred revenue...

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