COGO » Topics » Revenue recognition

This excerpt taken from the COGO 10-Q filed Nov 7, 2008.

Revenue recognition

Sales of components

The Company recognizes revenue when the components are delivered and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists and the sales price is fixed or determinable.

Sales of components represent the invoiced value of goods, net of value added taxes (“VAT”), sales returns, trade discounts and allowances.

In the PRC, VAT at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of products and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the authorities.

Engineering Services

Revenue for services is generally recognized when services are performed.

This excerpt taken from the COGO 10-Q filed Aug 8, 2008.

Revenue recognition

Sales of components

The Company recognizes revenue when the components are delivered and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists and the sales price is fixed or determinable.

 

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Sales of components represent the invoiced value of goods, net of value added taxes (“VAT”), sales returns, trade discounts and allowances.

In the PRC, VAT at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of products and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the authorities.

Engineering Services

Revenue for services is generally recognized when services are performed.

This excerpt taken from the COGO 10-Q filed May 9, 2008.

Revenue recognition

Sales of components

The Company recognizes revenue when the components are delivered and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists and the sales price is fixed or determinable.

Sales of components represent the invoiced value of goods, net of value added taxes (“VAT”), sales returns, trade discounts and allowances.

In the PRC, VAT at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of products and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the authorities.

Engineering Services

Revenue for services is generally recognized when services are performed.

This excerpt taken from the COGO 10-Q filed May 10, 2007.

Revenue recognition

Sales of components

The Company recognizes revenue when the components are delivered and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists and the sales price is fixed or determinable.

Sales of components represent the invoiced value of goods, net of value added taxes (“VAT”), sales returns, trade discounts and allowances.

In the PRC, VAT at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of products and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the consolidated balance sheets until it is paid to the authorities.

Certain PRC subsidiaries of the Company are eligible to receive a refund of a portion of the VAT paid to the local tax authority. The refund is reported as other revenue in the consolidated statements of income, as it is akin to a government operating subsidy, and is recognized upon receipt since the refund amount is discretionary and the amount varies year to year based on the availability of government funds as determined by the local tax authority.

Services

Revenue for services is generally recognized when services are performed.

Revenue is recorded net of value added tax incurred. Value added taxes amounted to RMB15,666 thousand ($2,028 thousand) and RMB14,822 thousand, for the three months ended March 31, 2007 and 2006, respectively.

This excerpt taken from the COGO 10-Q filed Nov 14, 2006.

Revenue recognition

Sales of components

 

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Sales of components for telecommunication system equipment, mobile handset, digital media which was formerly called digital consumer electronic products, network protection devices and data storage are recognized when title transfers, the risks and rewards of ownership have been transferred to the customer, the fee is fixed or determinable, and collection of the related receivable is probable, which is generally at the time of shipment.

Sales of services

Provision of technology and engineering services, business process outsourcing, network system integration and related training and maintenance services are recognized as revenue when the services are rendered.

Revenue is recorded net of value added tax incurred. Value added taxes amounted to (i) RMB19,402 thousand ($2,455 thousand) and RMB14,104 thousand, for the three months ended September 30, 2006 and 2005, respectively, and (ii) RMB55,768 thousand ($7,056 thousand) and RMB47,921 thousand for the nine months ended September 30, 2006 and 2005, respectively.

This excerpt taken from the COGO 10-Q filed Aug 14, 2006.

Revenue recognition

Sales of components

Sales of components for telecommunication system equipment, mobile handset, network protection devices and data storage are recognized when title transfers, the risks and rewards of ownership have been transferred to the customer, the fee is fixed or determinable, and collection of the related receivable is probable, which is generally at the time of shipment.

Sales of services

Provision of technology and engineering services, business process outsourcing, network system integration and related training and maintenance services are recognized as revenue when the services are rendered.

Revenue is recorded net of value added tax incurred. Value added taxes amounted to (i) RMB21,544 thousand ($2,695 thousand) and RMB12,223 thousand, for the three months ended June 30, 2006 and 2005, respectively, and (ii) RMB36,366 thousand ($4,549 thousand) and RMB33,817 thousand for the six months ended June 30, 2006 and 2005, respectively.

This excerpt taken from the COGO 10-Q filed May 15, 2006.

Revenue recognition

Sales of components

Sales of components for telecommunication system equipment, mobile handset, network protection devices and data storage are recognized when title transfers, the risks and rewards of ownership have been transferred to the customer, the fee is fixed and determinable, and collection of the related receivable is probable, which is generally at the time of shipment.

Sales of services

Provision of technology and engineering services, business process outsourcing, network system integration and related training and maintenance services are recognized as revenue when the services are rendered.

Revenue is recorded net of value added tax incurred. Such value added taxes amounted to RMB14,822 thousand ($1,849 thousand) and RMB21,594 thousand, for the quarter ended March 31, 2006 and 2005, respectively.

 

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This excerpt taken from the COGO 10-K filed Mar 28, 2006.

Revenue recognition

Sales of telecommunication system equipment, mobile handset components, network protection devices, consumer electronics and other components are recorded when the equipment is delivered, title has passed to the customers and the Company has no further obligations to provide services related to the operation of such equipment. Sales of data storage components are recognised when the equipment is delivered, title has passed and acceptance was received from the customers. Revenue is recorded net of value added tax incurred. Such value added taxes amounted to RMB98,803 (USD12,243), RMB109,757 and RMB41,693 for the years ended December 31, 2005, 2004 and 2003, respectively.

This excerpt taken from the COGO 10-Q filed May 16, 2005.

Revenue recognition

 

Sales of telecommunication system equipment, wireless handset components and network protection devices are recorded when the equipment is delivered, title has passed to the customers and the Company has no further obligations to provide services related to the operation of such equipment. Revenue is recorded net of value added tax incurred. Such value added taxes amounted to 21,594 thousand (USD2,609 thousand) and RMB24,631, for the quarter ended March 31, 2005 and 2004, respectively.

 

This excerpt taken from the COGO 10-K filed Mar 31, 2005.

Revenue recognition

 

Sales of telecommunication system equipment, mobile handset components and network protection devices are recorded when the equipment is delivered, title has passed to the customers and the Company has no further obligations to provide services related to the operation of such equipment. Revenue is recorded net of value added tax incurred. Such value added taxes amounted to RMB109,757 (USD13,260), RMB41,693 and RMB21,075, for the year ended December 31, 2004, 2003 and 2002, respectively.

 

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COMTECH GROUP, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(in thousands, except shares and per share amounts)

 

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