This form of aftermarket car warranty can be purchased on both used and new cars and may last longer or cover components that were not mentioned in the original warranty. For instance, a common manufacturer's car warranty will not cover parts or items of the car that are susceptible to wear, such as brakes or drive belts. That being said, an insurance company who offers a car warranty may provide coverage for these parts and their subsequent repairs. Car Warranties for Used Cars: While the typical manufacturer's warranty will transfer over when a vehicle is resold to a second owner, many used cars are re-sold with an expired car warranty. In these prevalent matters, an aftermarket car warranty may protect the second purchaser from facing expensive repairs. As a result, it is always a prudent move to have a used car inspected before you purchase it. Comments comments
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The revenue from sale of extended warranty is recognized over the extended warranty period of 2 years. The journal entry at the time of sale is: Debit Cash: CU 120 Credit Revenues from sale of fridge: CU 100 Credit Contract liability: CU 20 Over these last 2 years, the revenue from extended warranty is recognized as: Debit Contract liability: CU 20 Credit Revenue from sale of warranties: CU 20 What about the cost of repairs in the extended period? Remember, we are under IFRS 15, not under IAS 37, so no provision is recognized. Instead, you have to book the costs of warranty repairs when they are incurred as contract costs (costs to fulfill the contract) under IFRS 15. Sure, I omitted the significant financing component here, but it's just a short illustration, but you should not forget it. Questions? The comment section is right below this article, so please use it! Thanks!
These include: Injection pump, electromagnetic cut off, glow plugs and injectors As part of the cover, the car's cooling is also covered. Components covered include: Compressor, condenser, evaporator, reservoir, thermostat switch, fan motor, heater core and AC switch. The all-inclusive warranty plan also includes protection against electrical breakdowns which have to be immediately fixed. Components covered include: Actuators & sensors, control units, solenoid switch, starter motor, rectifier, alternator, regulator, ignition coil, cooling fan motor, power window, motors, combination switch, ignition switch, relay, thermostat, switch, speedometer, oil pressure switch, temperature gauge, horns, fuel gauge. Oil seals are also replaced or repaired under the extended warranty program. Various components covered are: Gear box oil seal, drive shaft oil seal, auxiliary shaft oil seal, crankshaft oil seal & camshaft oil seal. Under its signature coverage, your vehicle also benefits from 24/7 roadside assistance at the hands of experienced repair and maintenance professionals: The process how Edel Assurance Extended Car works... As part of our Extended Warranty Program, the authorized dealers from Edel Assurance will be replacing or repairing the parts found defective under the normal usage of the vehicle and its maintenance.
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Car Warranty Coverage | Extended Warranty Programs | Edel Assurance A comprehensive car warranty coverage plan by Edel Assurance comes with an array of benefits. Since it includes all aspects of the four-wheeler's safety and security, it is one of the best car warranty coverage you can avail. A standard factory-provided car warranty cover comes with limited car warranty coverage, as it will only protect your car from some repairs. Extended warranty programs also ensure complete peace of mind as you are no longer worried about contingent emergencies like the car's crankshaft, gearbox or engine suddenly malfunctioning. Such car warranty coverage plans also bring in additional savings as you are safeguarded from astronomical repair costs. Edel Signature Car Warranty Components Covered... Parts and labour are covered for items listed below... Engine Automatic Gearbox Steering Braking System Fuel System Diesel Injection System Air Conditioning Electrical System Oil Seals Road Side Assistance Engine and all its internal parts are covered.
Podcast: Play in new window | Download Show notes IFRS Question 021: Accounting for warranties under IFRS 15 Our company provides 1-year warranty to all our products in line with our legislation, but the client can extend this warranty at 3 years for a fee. Is this a separate performance obligation under IFRS 15? How to account for it? IFRS Answer 021 It depends. You have to assess each warranty, because some warranties are separate performance obligations and the other one are not. And, the accounting is completely different in both cases. Types of warranties under IFRS 15 IFRS 15 contains quite a good guidance about warranties. It specifies that there are two basic types of warranties: Assurance-type warranties – those are warranties that promise to customer that the delivered product is as specified in the contract and will work as specified in the contract. These warranties do NOT give rise to a separate performance obligation, and you account just a provision for warranty repairs under IAS 37.
WARRANTY WISE We now work with warranty wise. All our cars under 14 years old and under 140K miles now come with a 3 month complimentary Bronze/Silver/Gold WarrantyWise warranty* as standard, with option to extend. For more information, get in touch. *subject to terms and conditions CONTACT US
Let CARCHEX get to work for you! We're happy to handle the hassles so you don't have to. Our "Customer Experience Above All" motto has kept cars on the road for more than 20 years. Find a quote online today or call us toll-free at 866-261-3457 to buy an auto warranty that fits your budget. * Refund methods vary by state. See extended service plan for complete details, including refunds, exclusions and limitations ———— Sources: Consumer Automotive Research: Thoroughly Reviewed: Better Business Bureau:
