Revenue Recognition under US GAAP and IFRS

Revenue Recognition under US GAAP and IFRS International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are working together to provide a single revenue recognition model that can be applied to a wide range of industries and transaction types. US GAAP currently has many industry-specific requirements that are not always consistent with each other. Keywords: revenue recognition, IASB, FASB, contracts The topic of the research is Revenue Recognition under US GAAP and IFRS. Revenue is the largest item in financial statements, and issues involving revenue recognition are among the most important and difficult that standard setters and accountants face. Revenue  recognition requirements in U.S. GAAP are different from those in IFRSs and both are considered in need of improvement. U.S. GAAP comprises broad revenue recognition concepts and numerous industry or transaction-specific requirements that can result in different accounting for economically similar transactions. Although, IFRSs contain less guidance on revenue recognition, its two main standards IAS 18 Revenue and IAS 11 Construction Contracts can be difficult to understand and apply beyond simple transactions. Also, they lack guidance on important topics such as revenue recognition for multiple-element arrangements. Reporting inconsistencies in this accounting area arise because there are no comprehensive accounting standards covering revenue recognition. Several authoritative accounting pronouncements have addressed detailed, industry-specific revenue recognition issues which caused practitioners to use standards in situations for which they were not intended. As a result, in 2002, the FASB added revenue recognition to its project agenda. In accounting, revenue recognition refers to the point when one is able to record a sale in the financial statements. Years ago, the sale was made and then an invoice was issued. Now, products are sold with added services, TVs are being sold with long term warranties, mobile phone contracts sold with a free phone, tickets sold for concerts which will not occur for a number of months, and software sold with free upgrades. International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) (collectively, the board) are working together to provide a single revenue recognition model that can be applied to a wide range of industries and transaction types. U. S. GAAP currently has many industry-specific requirements that are not always consistent with each other. The boards intend to improve current revenue recognition guidance by: Enhancing consistency and comparability. Simplify U. S. GAAP. Currently, there are more than 100 revenue recognition standards in U.S. GAAP. Many of these standards are industry-specific, and some provide conflicting guidance. Providing guidance lacking in IFRS. The two main IFRS revenue recognition standards are vague, inconsistent, and difficult to apply to complex transactions, IASB and FASB published a joint discussion paper, Preliminary Views on Revenue Recognition in Contracts with Customers, in December 2008 that proposed a single revenue recognition model built on the principle that an entity should recognize revenue when it satisfies its performance obligation in a contract by transferring goods and services to a customer. This principle is similar to many existing requirements. A contract is defined as an agreement between two or more parties that creates enforceable obligations, and may consist of either explicit or implicit arrangements. However, IASB and FASB think that clarifying the principle and applying it consistently to all contracts with customers will improve the comparability and understandability of revenue for users of financial statements. The Discussion Paper sought comments on the Boards preliminary views on a single asset and liability based revenue recognition model that they believe will improve financial reporting under U. S. GAA P and IFRS by (Ernest Young, 2009): Providing clearer guidance on when an entity should recognize revenue. Reducing the number of standards which entities have to refer to in determination of revenue. Establishing principles that will result in entities reporting revenue more consistently for similar contracts regardless of the industry in which an entity operates. In September 2002, the IASB and FASB announced plans to achieve convergence in a document referred to as the Norwalk Agreement which called for detailed differences to be removed rapidly and then other differences gradually. In 2007, the Securities and Exchange Commission (SEC) accepted the plan to apply IFRS to the statements filed with the SEC in 2008. According to Mintz (2008), the SEC detailed a road map for the adoption of IFRS that would monitor progress until 2011, when the commission will consider requiring U. S. public companies to file their financial statements using IFRS. The road map includes a potential phased transition over three years, beginning with large accelerated filers in 2014 and then nonaccelerated filers starting in 2016. The research will be done using secondary data collection from Google, Google scholar, ProQuest, discussion papers, and other academia databases. According to Dohrer (2009), U.S. GAAP revenue literature is built on principles that are similar to those in IFRS. However, U.S.GAAP has industry industry-specific revenue recognition literature, such as that for the software industry, which is limited under IFRS. U.S. also includes more detailed implementation guidance. The problem for this research is to find a single asset and liability based revenue recognition model to improve financial reporting within both U. S. GAAP and IFRS. The researcher will seek to answer the following research questions: 1. How does realizability affects the measurements of rights? How is performance obligations identified? When will a customer control the asset? Recognition under U.S. GAAP specifies that revenue should not be recognized until the revenue is either realized or realizable, and earned. Preparers, users, and auditors of financial reports have struggles with issues surrounding the timing of revenue recognition. This has led to fraudulent entries. In 1999, a report by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission reported that more than one-half of financial reporting frauds studied from 1987 to 1997 involved overstating revenue. In response to the COSO report, the SEC issued SAB 101, Revenue Recognition in Financial Statements. This bulletin summarized applying revenue recognition principles to specific conditions (Stout and Baxendale, 2006). According to GAAP, revenue is realizable and earned when all of the following criteria are met. Persuasive evidence of an arrangement exists. Delivery has occurred or services have been rendered. The sellers price to the buyer is fixed or determinable. It is reasonably assured that payment will be collected. According to RevenueRecognition.com (2006), regardless of the companys size, ownership structure, or what systems it has in place, having a written revenue policy is essential to accurate revenue reporting. The policy should govern how contracts are written, how orders are booked, define the revenue accounting workflow, as well as how journal entries are made as revenue is managed through the finance department. Revenue recognition in IFRS is contained primarily within two standards: International Accounting Standard (IAS) 18 Revenue, which applies to the sales of goods, rendering of services, and the use of company assets by others yielding interest, royalties and dividends. IAS 11 Construction Contracts, which prescribe the accounting treatment of revenues and cost associated with construction contracts. These standards are that revenue is recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. This occurs when the earnings process is substantially complete and is realized or realizable and earned. The Discussion Papers stated that the proposed model should not significantly change the accounting for many arrangements from the current practices under IFRS. Under IFRS, revenue is usually recognized when the risks and rewards associated with the goods or services have been transferred to the customer. Delivery is deemed to have occurred when the customer takes title to a good, indicating that the risks and rewards of ownership have passed to the customer. RevenueRecognition.com surveyed senior financial executives from 515 companies about the Discussion Paper. RevenueRecognition.com worked with staff members from the FASB and IASB revenue recognition project to create an internet survey based on the key questions raised in the proposal. The survey was conducted in April 2009. More than 75% of respondents were senior finance executives including CFOs and Controllers. The key findings were that 54% of the respondents agreed or strongly agreed that a contract-based approach to revenue recognition would clarify the earnings process. And 66% said there would be little or no difference in the timing of their revenue recognition if delivery is defined as the transfer of control over good and services. Also, 70% agreed or strongly agreed that the Boards definition of a performance obligation as an accounting unit would help them identify components more consistently than existing practice. The history of difficult with revenue recognition in the corporate sector is full with instances of fraud. A COSO report, Fraudulent Financial Reporting 1987-1997: An Analysis of U. S. Public Companies reported that half of frauds involved overstated revenue. Online business-to-business transactions have led to questions about the validity of reported revenue. Past revenue recognition has involved fraudulently setting aside inventory not actually sold. Also, practices include written agreement for sales that are not signed by both parties because the seller would recognize revenue with only the verbal acknowledgment which is no longer permits. Auditors focus on revenue recognition overstatement in financial statements. Recommendations for improving revenue recognition are the following: The person recording or auditing revenue should have a strong knowledge of U. S. GAAP for revenue recognition. The audit committee should be aware of issues and make appropriate inquires. All relevant individuals should be knowledge about recent revenue recognition guidelines, including SAB 101 and EITF 99-17 and 99-19. In conclusion, International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are working to provide a single revenue recognition model that will be applied to a wide range of industries and transaction types. Revenue recognition requirements in U.S. GAAP are different from those in IFRSs and both are considered in need of improvement. Recognition under U.S. GAAP specifies that revenue should not be recognized until the revenue is either realized or realizable, and earned. Under IFRS, revenue is usually recognized when the risks and rewards associated with the goods or services have been transferred to the customer.

Analysis of Domestic Water Consumption

TECHNICAL REPORT OF STUDENT INDUSTRIAL WORK EXPERIENCE SCHEME(SIWES) WITH ABUJA MUNICIPAL AREA COUNCIL(AMAC)ABUJA PESENTED BY ADEYEMI ISAAC SHOLA UJ/2008/EV/0222 SUBMMITED TO THE DEPARTMENT OFGEOGRAPHY AND PLANNING FACULTY OF ENVIRONMENTAL SCIENCES,UNIVERSITY OF JOS IN PARTIAL FULFILMENT OF REQUIREMENT FOR THE AWARD OF BACHELOR OF SCIENCE (B. Sc Hons)DEGREE PROGRAMME IN GEOGRAPHY AND PLANNING. NOVEMBER, 2012. DEDICATION This report is dedicated to God Almighty my creator.To my parents, Mr. & Mrs. ADEYEMI. ACKNOWLEDGEMENT My sincere gratitude goes to God almighty for his guidance and grace given to me throughout my six month industrial training. I remain grateful to my parents for their effort and support towards my education. My gratitude also goes to my departmental supervisors Mrs. L. S Rikko and Mrs. Simi, for setting out time to come and see us in our place of primary assignment. I want to thank my industrial based supervisor Mr.Ali Adamu and the entire staff of the zonal plannin g office for their assistance. Much gratitude goes to my head of department and to all the staff of the department of geography and planning, university of Jos. Finally, I want to say thank you to all my friends who have been of great encouragement to me throughout this period, I remain grateful. ABSTRACT The Student Industrial Work Experience Scheme (SIWES) is a program which has been organized by the federal government through the industrial training und (ITF) for Nigeria institutions in order to enlighten the students on the usage of equipment and professional practice in their different fields of study. In fulfillment of my study as a geography and planning students, I carried out my six month industrial training in the survey and planning unit office Abuja Municipal Area Council (AMAC), located at area 10 Garki, Abuja. This report comprises of the organization chart of Federal Capital Development Authority (FCDA), urban and regional planning department and also Abuja Municipal Area Council(AMAC). his report also contains the functions of the zonal planning office, functions of the urban and regional planning department and also the activities I participated in and experiences I gained. Some of the problems encountered during the exercise and possible solutions, were not left out. In conclusion I recommended ways of improving the program and also support of the program by the federal government. TABLE OF CONTENTS Title page Dedication Acknowledgement Abstract CHAPTER ONE 1. 0 Introduction 1. 1 Industrial Training Fund 1. Brief History of SIWES 1. 3 Objectives of SIWES 1. 4 Relevance of SIWES to Urban and Regional Planning CHAPTER ONE 1. 0 INTRODUCTION The Student Industrial Work Experience Scheme is a program which involves the students, the universities and the industry. The siwes forms a part of the approved minimum academic standards in various degree program in Nigerian universities. The scheme is funded by the Federal Government of Nigeria and is coor dinated by the Industrial Training Fund and the National Universities Commission (NUC 1996).The Students Industrial Work Experience Scheme, bridges the gap between theory and practice and also it is aimed at exposing students to machines and equipments, professional work methods and ways of safe guarding work areas and organizations. This report contains the work undertaken, new knowledge learnt and problems encountered by the student during the six months industrial training in zonal planning office Abuja municipal area council located at area 10 Garki, Abuja. Solution to the problem are also included. 1. 1 INDUSTRIAL TRAINNING FUND(ITF)The industrial training fund was established in 1971 as a man power development agency for the federal government of Nigeria. The provision of decree 47 of 8th October 1971,empower industrial training fund (ITF) to promote and encourage the acquisition of skills in industry and co mmerce with a view to generate pool of indigenous trained manpower su fficient to meet the needs of the Nigeria economy. A clause was invented by the ITF in 1978 in the policy statement no. 1 dealing with issues of practical skills among locally trained professionals.Selection 15 of the policy, states that internal emphasis will be place on certain product of post-secondary to adopt or orientate easily on their possible post-graduation for environment. 1. 2 BRIEF HISTORY OF STUDENT INDUSTRIAL WORK EXPERIENCE SCHEME(SIWES) The student industrial work experience scheme (SIWES) came into being with the establishment of industrial training fund (ITF) by the federal government of Nigeria in 1973 under the degree of 47 of 1971 in other to boost indigenous capacity of the nation’s industrial need.This was brought about by the federal ministry of commerce and industries, finance, education in collaboration with NUC and board of technical education (NUBTE) who thought that the main aim of training and exposing students to industrial fields is to give th em practical knowledge of what they have been thought in their respective courses. The first started on the 8th of October 1974 with few number of students from different institutions which later increased to a large number of students in tertiary institutions nationwide. 1. 3 OBJECTIVES OF SIWES To provide an avenue for students in Nigeria Universities to acquire industrial skills and experience in their course of study. 2 To prepare students on anticipated working situations after graduation. 3 To expose students to working methods and techniques in handling equipments and machinery that are not available in their various institution. 4 It enhances students contacts for later job placement. 1. 4 RELEVANCE OF SIWES TO URBAN AND REGIONAL PLANNING Planning is not complete until the job carried out on paper is transferred to the ground. his program gives students the opportunity of seeing work design on paper presented and transferred on ground. it also help in promoting social intera ction and appreciating planning in practice and administration and relating with other allied professionals in planning. 1. 5 HISTORY OF FEDERAL CAPITAL DEVELOPMENT AUTHORITY Federal capital development authority (FCDA) is parastatals under the federal capital territory administration (FCTA) charged with the responsibility of building and developing the federal capital territory.Federal capital development authority (FCDA) was established in April 1976 by degree No 6 of 1976. Federal capital development authority comprises of 10 departments namely: Abuja metropolitan management council (AMMC), Engineering, survey and mapping, resettlement and compensation, finance and administration, mass housing, satellite town infrastructure, urban and regional planning, public building and procurement department. (chart of FCDA). 1. 6 HISTORY OF ABUJA MUNICIPAL AREA COUNCILThe evolution of Abuja Municipal area council could be trace to its creation as development area on the 1st of October 1984. in 1987, on the recommendation of the Ahmadu Bello University consultancy group it assumed the full status of local Government (area council). The area council secretariat has different departments such as health, works department, legal department, revenue, Abuja environmental protection board. Location/population Abuja municipal area council is located on the eastern wing of the federal capital territory. t is bounded on the east by Nasarawa state,on the west by kuje area council , North- west by Gwagwalada and on the North by Bwari area council. The last demographic report by the national population commission indicated that the population of the area council stood at 309,306. However it is important to note that the population figure may double this number as the area council is daily experiencing influx of people. The people Abuja municipal area council has the following ethnic groups: gbagyi, gwandara,koro, gade. he main gbagyi settlements in amac include the following:karu, n yanya, durumi,garki, keffi,kabasa, mabushi, jabi, lugbe, idu, toge, hulumi, pyakasa, jikwoyi, kuduru, orozo, maitama and asokoro areas. the gwandara people can be found in places like karshi, jiwa, awagwa, karmo and idu. The area council besides the city caters for the needs of over 49 communities each presided by village heads. Besides that, the area council has twelve political wards namely:City centre, Wuse,Gwarinpa, Garki, Kabusa, Gui, Gwagwa karshi, Orozo, Karu and Nyanya. (org chart of AMAC). CHAPTER TWOThis chapter consist of basically the administrative work, assingment, fieldwork and lectures recived during the cause of my industrial training at Abuja Municipal Area Council. 2. 0 ADMINSTRATIVE WORK/ASSINGMENTS RECORDING OF INCOMING AND OUTGOING FILES: This is as a result of a complaint been brought to the planning office, in most cases it is a problem of encroachment. This complaint is been filed and taken to the planning and survey unit. My supervisor gives me this file to record into a booklet the file number, the date it was filed, the nature of the complaint.An outgoing file is a file I record which have already been treated. CONFIRMATION OF PLOT NUMBERS ON LAYOUTS: This is an exercise given to me by my supervisor. This entails the checking out of the plot numbers on a specific layout to confirm whether the plot exist in the layout and also to verify the total number of plots on a some layout which includes Apo extension II, Jikoyi village Intergration layout. ASSINGMENTS Some assingments were given to me by my supervisor which I carried out. This assingments includes; defination and type of scales and difference between geography and planning and urban and regional planning.DEFINATION OF SCALE: A scale can be defined as the ratio between the distance on the map and the corresponding distance on the earth surface. TYPES OF SCALES Representative Fraction: This type of scale is a fraction that expresses the mathematical relationship between map and the land such as 1:50,000 which is 1 map unit is equal to 50,000 units. Statement Scale: This is represented in form of a statement that a given distance on the earth equals a given measure on the chart or vice versa. Example 2cm represents 1km. Linear Scale: this shows directly on the map and the corresponding grounddistance.

Oj Simpson Trial

O. J Simpson was an all-star running back for the University of Southern California (USC) and won a Heisman trophy. On his road to the NFL he was drafted to the Buffalo Bills on the 1st round. He had a career in advertisement as the Pitch man, Herts Rental Car, and was a football commentator after his career. On June 12, 1994 in 875 South Bundy Brentwood, California 35 year old Nicole Simpson and Ron Goldman were found dead in the entrance of their condominium both were stabbed to death outside Nicole Simpson's Los Angeles condominium.The investigation was difficult because there were no eyewitnesses and no murder weapon was found. However, in Nicole’s ex-husband  Orenthal James Simpson house a lot of evidence was found like a bloody sock and glove that matched the blood in the crime scene and a shoe print that was approximately size 12 when OJ wears a size 12. There were hair samples that were found on Goldman's body after his murder. Forensic geneticists matched the DNA fr om the hair samples to DNA retrieved from O. J. Simpson.During the police interrogation of Simpson, it was discovered that he had a cut on his left hand, and OJ had a fishy statement on how he got the cut. On June 17 there was a warrant for OJ’s arrest. Lawyers convinced the LAPD to allow Simpson to turn himself in at 11 am on June 17, at around 6:20 pm, a motorist in Orange County saw Simpson riding in his white  Bronco, driven by his friend,  A. C. Cowlings, and notified police. At 6:45  pm, a police officer saw the Bronco, going north on  Interstate 405.The officer that we he drove up to the car OJ had a gun to his head so he backed off and followed the vehicle. Simpson reportedly demanded that he be allowed to speak to his mother before he would surrender. The chase ended at 8:00  pm at his  Brentwood  home. In the Bronco the police found $8,000 in cash, a change of clothing, a loaded . 357 Magnum, a passport, family pictures, and a fake goatee and mustache. Simpson hires a famous LA attorney Robert Shapiro who hires a dream team of lawyers including. F.Lee for strategy, Gerald Uelmen for procedure, Alan Pershowitz for constitution Law, Dr. Henry Lee for forensic science , Barry Scheck for DNA lawyer, and best friend Robert Kardashian. Simpson's defense was said to cost between US$3 million and $6 million. The Criminal trial lasted almost one year with Simpson found not guilty. Before this Robert Shapiro wanted to plead bargain 5-12 years because he believed that they couldn’t win. When Acosta 2 choosing the jury they believed that middle aged African American women will be the perfect jury for this case.Oj’s trial was a media circus and attorneys were treated like celebrities. When they used the bloody glove on Simpsons house Shapiro wanted to plead a cope a plead for manslaughter. On February 5, 1997, a civil jury in Santa Monica, California unanimously found Simpson liable for the wrongful death of and battery against Goldman, and battery against Brown. Daniel Petrocelli represented plaintiff Fred Goldman, Ronald Goldman's father. +In Simpsons civial trial 8 and a half million dollars were payed to the Goldmans. Oj Simpson Trial Nabil Arnaout Eng 111/ Enf 09 March 18, 2013 Trial of the Century To this day, OJ Simpson's famous murder trial, â€Å"The People vs. OJ Simpson†, remains one of the most publicized and famous murder trials in recent history. It attracted the attention of every major news network, and caused quite a stir in the daily lives of Los Angeles, if not all American lifestyles. The infamous car chase was such an important incident that many news networks dropped coverage of the 1994 NBA Finals, which was happening at the same time, to show the chase in all its glory.The combination of the high profile murders, publicity, and the â€Å"dream team† of Johnnie Cochran and Robert Kardashian have cemented the OJ Simpson case in the minds of many Americans. After the murders, when attorney Robert Shapiro informed Simpson that he needed to turn himself over to the police, Simpson failed to show. Shortly afterwards, his white Ford Bronco was spotted and the police began pursuit (Linder 8). It would be one of the most famous car chases in American history.Claiming a hostage situation in the car, he led them on a 35 mile an hour chase, which, as mentioned before, disrupted many of the local news channels' broadcasts as they switched to the chase. He was allowed to go home and talk to his mother before he was arrested for the murders of Nicole Brown Simpson and Ronald Goodman. The case would take many twists and turns, with plenty of evidence being twisted, and in some cases not accepted at all.It started in 1995, but as of 2008, some evidence was still in dispute. The glove, found by officer Mark Fuhrman, had both victims' blood on it, but was rejected because it apparently was â€Å"too small† for Simpson's hand to fit, prompting Johnnie Cochran's infamous line, â€Å"If it don't fit, you must acquit! â€Å"(Baley 6) In the Ford Bronco, the blood of both victims was also found on the center console, and it came to light that the knife (murder weapon) was purchased by OJ a few weeks earlier.This evidence was also not accepted in court because the person who sold OJ the knife had sold his story to a tabloid magazine, which deemed it unacceptable to court. Although the murder was committed in Santa Monica, due to the extreme public attention to the case and the media craze attached to it, they moved the trial to downtown Los Angeles, and was presided there by Judge Lance Ito. The duration of the trial (almost 8 months), made many of the participants of the case into TV celebrities.After numerous attempts to prove Simpson's innocence, Cochran and Kardashian (the Dream Team, as the media called them), called Simpson's mother and daughter to the stand. After a tearful display where they lauded Simpson's good nature and pleasant qualities, the jury began to sway towards Simpson, even though it was already proven that the relationship between Simpson and his ex-wife had been abusive. (Sherwell 9) After an 8 month trial, the verdict of the t rial finally was published: â€Å"Not Guilty†.Some say the building racial tensions resulting from the case affected the verdict (political reasons), while others maintain that the jury had been bribed or swayed with improper evidence. Simpson walked out. Some also believe the Simpson's son was involved in the murders. Jason Simpson had an even worse background than his father when it came to domestic abuse. Numerous accounts of psychotic tendencies and physical violence brought Jason to light as a possible suspect. Add to that that he was a chef and always had a knife in arm's reach. (Truman 20)

How to Jailbreak a Iphone - Free Essay Example

Sample details Pages: 1 Words: 405 Downloads: 4 Date added: 2017/09/14 Category Advertising Essay Did you like this example? To jail break an iPhone 3g you will need iTunes and access to the internet. The first thing you will need to do is back up everything on your iPhone 3g using iTunes. There are many different ways to jail break. Don’t waste time! Our writers will create an original "How to Jailbreak a Iphone" essay for you Create order Once you’ll backed up your iPhone 3g you have to restore it. To restore it hold the shift key and click the â€Å"Restore† button. iTunes will launch a file dialog for you to select the firmware file. You will need to download the newest firmware (ios 4. 0. 1). Once your iPhone 3g is updated to firmware 4. 0. , you are ready to use the QuickPwn tool to jailbreak it. Open the QuickPwn app to start jail breaking your iPhone 3g. Make sure your iPhone 3g is still pluged into the computer. QuickPwn should detect the iPhone 3g and enable the blue arrow button. Click the arrow. On the next screen you should see a browse button. Click the browse button and select the 4. 0. 1 firmware. The app will check the firmware and enable the blue arrow button. Click the arrow. On the next screen you will be asked if you want to install Cydia, Installer and if you want to replace boot logos. Check Cydia. Doing that it will enable the blue arrow button. Click the arrow. Now the app will tell you to make sure your iPhone 3g is plugged into the computer. Now you want to click the blue arrow button and the app will put your phone into recovery mode. Now the app will tell you to hold the Home button for 5 seconds. Then hold the home and power buttons for 10 seconds. Now release the Power button and continuing holding the home button until your iPhone is in DFU mode. Once you have done that the jail breaking will start. Will it is done restart your Iphone 3g and you will have a jail broken Iphone 3g. You will have Cydia on your have screen. Click on the Cydia icon and wait for everything to load. Now click the manage button and the botton of the screen, then click sources then edit and add. Enter https://repo666. ultrasn0w. com/ then click add source. When it its finish click return to Cydia. Now click the https://repo666. ultrasn0w. com/ source, then click ultrasn0w and install it. When is done installing restart your iPhone 3g and you phone will be jail broken and unlocked.