For which of the following does U.S. GAAP permit recognition of recovery of impairment? Group of answer choices patents held for use machinery used in operations none of these goodwill
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- what alternatives does FASB ASC Topic 305 provide in assessing the impairment?One of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant & equipment subsequent to initial recognition. Read IAS 16 and answer the following questions. Provide a list of the references you have used to search this topic.?1) How should any claim for compensation from third parties for impairment be accounted for?2) How should the recoverability of the carrying amount of property, plant & equipment be accounted for?3) How should any revaluation surplus from a revalued asset be treated if the revalued asset is disposed of?4) What additional disclosures should be made if property, plant & equipment are stated at revalued amounts?5) Explain the effect on the company’s financial statements if a company switches from the historical cost principle to the revaluation model? How should this change be accounted for in the financial statements?indicators when EEA has been impaired / subject for impairement difference
- One of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant & equipment subsequent to initial recognition. Read IAS 16 and answer the following questions. Provide a list of the references you have used to search this topic. How should any claim for compensation from third parties for impairment be accounted for? How should the recoverability of the carrying amount of property, plant & equipment be accounted for? How should any revaluation surplus from a revalued asset be treated if the revalued asset is disposed of?Discuss the primary differences between U.S. GAAP and IFRS with respect to theutilization and impairment of property, plant, and equipment and intangible assets.Identify and cite the relevant topics, subtopics from the FASB Accounting Standards Codification regarding Goodwill impairment. Beyond the assessment of qualitative factors, what other evidence should be considered for the purpose of goodwill analysis? (Speak to any other evidence that points to goodwill/impairment & its analysis – Other than qualitative/quantitative factors) Please cite the appropriate FASB ASC topics
- Describe differences and similarities in the treatment of goodwill impairment between the FASB and the IASB (Identify and cite the relevant topics, subtopics from the FASB Accounting Standards Codification and IASB)Identify the specific factors discussed in the Codification as it relates to Goodwill & Impairment. Explain the factors that will cause goodwill impairment and how you will address goodwill impairment. (Identify and cite the relevant topics, subtopics from the FASB Accounting Standards Codification regarding Goodwill impairment.)There are a number of differences between IFRS and U.S. GAAP for the treatment of intangible assets and impairments. The information related to intangible assets in IFRS is presented in IAS 38 ("Intangible Assets") and IFRS related to impairments is found in IAS 36 ("Impairment of Assets"). Please highlight 3 differences between the treatment for intangibles under GAAP and IFRS.
- Recovery of impairment is recognized under IFRS for all the following except: a. patent held for sale. b. patent held for use. c. trademark. d. goodwill.how do you determine when goodwill will be written off under the impairment rulesThere are differences between the IFRS and GAAP (after FASB issued ASU 2017-04 to simplify the accounting for goodwill impairment) regarding the following: Assignment/allocation of goodwill. (i.e., The levels at which goodwill is assigned /allocated) Impairment of goodwill and test(s) applied and its steps (i.e., Methods of determining impairment of goodwill) How impairment loss is recognized and allocated. (i.e., impairment loss[charge] calculation and allocation) Amortization and impairment of intangible assets other than goodwill Discuss the accounting treatment of the preceding points under IFRS only. (Comparison is not required) Write your answer in the space provided in the following table: IFRS Assignment/allocation of goodwill Impairment of goodwill….. How impairment loss is recognized and allocated ….. Amortization and impairment of intangible assets other than goodwill…..