Ascendia Brands, Inc. – ‘10QSB’ for 12/31/00 – EX-18

On:  Wednesday, 2/14/01, at 2:30pm ET   ·   For:  12/31/00   ·   Accession #:  1128778-1-1   ·   File #:  33-25900

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Quarterly Report — Small Business   —   Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Quarterly Report -- Small Business                    13     66K 
 2: EX-18       Change in Revenue Recognition Policy                   1      6K 

EX-18   —   Change in Revenue Recognition Policy

Board of Directors                                                              
VirtualAcademics.Com, Inc.                                                      

As  stated  in note 2 to the  condensed  consolidated  financial  statements  of
VirtualAcademics.Com, Inc. (the "Company") for the six months ended December 31,
2000, the Company changed its accounting  policy for revenue  recognition from a
straight  line  method over an  estimated  24-month  period to a method  whereby
revenue is recognized as courses are completed by students.  Management believes
the newly  adopted  accounting  principle  is  preferable  in the  circumstances
because  this  method  would  more  clearly  relate the  revenue to the  studies
completed, and is the type of method employed by other companies in the industry
based on our review of selected  competitors.  At your request, we have reviewed
and discussed with management the circumstances, business judgment, and planning
that formed the basis for making this change in accounting principle.           

It should be recognized that  professional  standards have not been  established
for  selecting  among  alternative  principles  that  exist in this  area or for
evaluating the preferability of alternative accounting principles.  Accordingly,
we are  furnishing  this letter solely for purposes of the Company's  compliance
with the requirements of the Securities and Exchange  Commission,  and it should
not be used or relied on for any other purpose.                                 

Based on our review and discussion,  we concur with  management's  judgment that
the newly adopted accounting  principle is preferable in the  circumstances.  In
formulating this position,  we are relying on management's business planning and
judgment, which we do not find unreasonable.                                    

We   have   not   audited   any    consolidated    financial    statements    of
VirtualAcademics.Com,  Inc. as of any date or for any period  subsequent to June
30, 2000. Accordingly, we are unable to express an opinion on whether the method
of  accounting  for the effect of the  change is in  conformity  with  generally
accepted accounting  principles or if the financial information included in Part
I of this Form 10-Q is fairly presented.                                        

Very truly yours,                                                               

/s/ Grant Thornton LLP                                                          

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10QSB’ Filing		Date		Other Filings
Filed on:		2/14/01
For Period End:		12/31/00
		6/30/00		10KSB,  10KSB/A,  NT 10-K
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