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Acc 301 Case 2 Essay

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ACC301
CASE 2
(a) Identify the accounting literature that addresses the accounting for the type of separately priced warranty that Pleasant is considering.
I am checking the website from FASB find out in the FASB ASC 605-20-25 it addresses how revenue and costs from a separately priced extended warranty or product maintenance contract should be recognized.
Citation: http://asc.fasb.org/section&trid=2197258
(b) When are warranty contracts considered separately priced?
An extended warranty on line by definition an agreement to provide warranty protection in addition to the scope of coverage of the manufacturer's original warranty, if any, or to extend the period of coverage provided by the manufacturer's original warranty.
Product Maintenance Contracts are agreements to perform certain agreed-upon services to maintain a product for a specified period of time. The terms of the contract may take different forms, such as an agreement to periodically perform a particular service a specified number of times over a specified period of time, or an agreement to perform a particular service as the need arises over the term of the contract.
Separately Priced Contracts are agreements under which the customer has the option to purchase an extended warranty or a product maintenance contract for an expressly stated amount separate from the price of the product.
Citation:FASBASC605-20-20-20(Glossary) http://asc.fasb.org/section&trid=2197258
(c) What are incremental direct acquisition costs and how should they be treated? Costs that are directly related to the acquisition of a contract and that would have not been incurred but for the acquisition of that contract (incremental direct acquisition costs) shall be deferred and charged to expense in proportion to the revenue recognized. All other costs, such as costs of services performed under the contract, general and…...

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