1- Review the annual report and critically analyse the accounting policies and principles adopted by National Grid plc Utilities regarding intangible assets (IAS 38).
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1- Review the annual report and critically analyse the accounting policies and principles adopted by National Grid plc Utilities regarding intangible assets (IAS 38).
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- Critical Analysis of the Annual Report for National Grid plc Utilities and dicuss the accounting policies and principles adopted by the company regarding intangible assets (IAS 38).Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items: 1. The disclosure requirements in the notes to the financial statements for depreciation on property, plant, and equipment. 2. The criteria for determining commercial substance in a nonmonetary exchange. 3. The disclosure requirements for interest capitalization. 4. The elements of costs to be included as R&D activities.Which of the following should be disclosed in the Summary ofSignificant Accounting Policies?a. rent expense amount b. maturity dates of long-term debtc. methods of amortizing intangiblesd. composition of plant assets
- Question 1. For any single intangible asset that is material to an entity's financial statements, which of the following is required to be disclosed? Select all that apply. A. Remaining amortisation period of the intangible asset B. Carrying amount of the intangible asset C. Line item on the income statement whichtotal amortization is included D. Description of the intangible assetEach reportable segment is required to disclose the following information except for: Question 20Answer a. Capital expenditures b. Extraordinary items c. Gross profit or loss d. Depreciation, depletion, and amortizationQ4. Critically evaluate the approach adopted under IAS 38 in accounting for intangible assets.Your answer should refer to accounting for brand names under IAS 38.
- Describe the financial statement presentation of and disclosures relating to property, plant,and equipment and intangible assetsProperty, Plant, and Equipment (PPE) Assessment: Describe the company’s Property, Plant and Equipment section in the balance sheet relative to the total fixed assets of the company’s industry (use quantitative and qualitative summaries to support your description. Analyze the accounting treatment of Property, Plant and Equipment, including depreciation methods employed and any impairments recognized, and include a brief summary of the accounting standards and principles included in the decision (reference the Notes that inform your summary). Discuss the significance of Property, Plant And Equipment in the company’s operations and its impact on financial performance and reporting.6. Situation in which company replaces existing assets with new assets is classified asA. replacement projects B. new projectsC. existing projects D. internal projects
- FASB recently issued a Proposed Accounting Standard Update on impairment for intangible assets. What is the primary purpose for FASB to issue Proposed Accounting Standards Updates?FASB ASC Topic 450, Contingencies, provides accounting guidance for A. the accounting treatment for intangible assets B. depreciable methods for property, plant and equipment C. events, or potential events, that create uncertainty for a company D. business combinationsProperty, Plant, and Equipment (PPE) Assessment:a) Describe the company’s Property, Plant and Equipment section in the balance sheet relative to the total fixed assets of the company’s industry (use quantitative and qualitative summaries to support your description. b) Analyze the accounting treatment of Property, Plant and Equipment, including depreciation methods employed and any impairments recognized, and include a brief summary of the accounting standards and principles included in the decision (reference the Notes that inform your summary). c) Discuss the significance of Property, Plant And Equipment in the company’s operations and its impact on financial performance and reporting.