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Crowdfund Tim Russ' Star Trek pilot, an Arctic documentary, and a short time ... io9 Crowdfund Tim Russ' Star Trek pilot, an Arctic documentary, and a short time We have three very different film projects vying for your crowdfunding dollars this week. One is a Star Trek film and possible pilot starring lots of familiar Trek faces. We ... See all stories on this topic » | ||
The growing trend of crowd funding Times of India Artistes, filmmakers and even the aam janta seem to have really taken to the new-age idea of crowd-funding. This new DIY (Do It Yourself) approach may still be in a nascent stage in India, but its popularity is picking up. A music gig held in Mumbai on ... See all stories on this topic » | ||
Boulder businesses, artists turn to Kickstarter to crowdfund their ideas Daily Camera Audrey Forlee, 6, left, and Kiedis Forlee , 3, look over the doughnut selection at Dizzy s Donuts in Boulder. The owners of the newly opened doughnut shop turned to Kickstarter.com in an attempt to crowdfund a needed expansion of their kitchen. See all stories on this topic » | ||
Games Are A Difficult Investment Proposition, But Crowdfunding Could Change ... Centralia Chronicle Games Are A Difficult Investment Proposition, But Crowdfunding Could Change That. Story · Commenting. Print: Create a hardcopy of this page; Font Size: Default font size: Larger font size. Posted: Sunday, September 30, 2012 6:00 am. Games Are A ... See all stories on this topic » | ||
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Zombies, Kung Fu Fighters and Cancer Patients Together in a Documentary ... Crowdsourcing.org Description The film "Hopefully" is going to be screened in 2013. During the course of the next months, the producer is hoping to collect the necessaries Funding to complete the film on time. The first screening of the film will be in Colorado and ... See all stories on this topic » |
A start-up using crowd funding to create a product is different from a normal company. The start-up has cash inflows from donations but does not have a product, yet. In this situation, we recommend using completed-contract method to recognize revenue. Under this way of thinking, we assume the start-up is akin to a project or a long-term contract. The crowdfunding company will find it difficult to estimate the revenue from crowdfunders and, hence, the cost of rewards or perks. Under International Financial Reporting Standards (IFRS) and GAAP guidelines, if the firm cannot reliably measure the outcome of the project, revenue should be recognized based on contract costs. These costs should be expensed when incurred. Profit is recognized only at the completion of the project. In summary, for crowdfunding companies, revenue, expense, and profit are recognized only when the crowdfunded product is actually manufactured. 1 For example, assume that AAA Corp. wants to manufacture bicyc...
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