Subject: Financial Accounting In a service concession arrangement, the operator recognizes?Correct optiona) The infrastructure as its PPEb) Always a financial assetc) Always an intangible assetd) Either a financial asset or an intangible asset

Concept of Service Concession Arrangement:A service concession arrangement is a contractual…

Answered: In a service concession arrangement,…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 11GI

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Similar questions

Which of the following intangible assets should not be amortized? a. Copyrights b. Customer lists c. Perpetual franchises d. All of these intangible assets should be amortized.
An operator treats the resurfacing services included in a service concessionarrangement as a separate performance obligation if: A. The resurfacing is to be performed only when the infrastructure deterioratesbelow a specified condition. B. The resurfacing is to be performed only when the infrastructure is used beyond aspecified level of usage.C. The resurfacing is to be performed regardless of the infrastructure’s condition orlevel of usage.D. Any of these. Letter A is incorrect.
What is the ability to revalue fixed assets under IFRS provides flexibility in reflecting the true value of assets? And also GAAP?
Identify the following as intangible assets (IA), natural resources (NR), or some other asset (O). Leasehold
the amortization of intangible assets with finite useful lives is justified by the : a- economic entity assumption b- going concern assumption c- monetary unit assumption d- historical cost assumption
Which of the following statements are correct? I. IAS 16 Property, plant and equipment requires entities to disclose the purchase date of each asset II. The carrying amount of a non-current asset is the cost or valuation of that asset less accumulated depreciation III. IAS 16 Property, plant and equipment permits entities to make a transfer from the revaluation surplus to retained earnings for excess depreciation on revalue assets IV. Once decided, the useful life of a non-current asset should not be changed
A right of use asset is initially measured at costs and subsequently measured using the A. Cost model B. Fair value model C. Revaluation model D. Any of these
The Intangible assets are fair valued on two methods the Cost and the Income or Present Value (PV) methods. What is the Concluded Value?
An investment property is defined as property held to earn rentals or for capital appreciation or both. Which of the following is NOT an investment property? Oa. Land held for undecided future use Ob. Building leased out under an operating lease Oc. Property leased to another entity under a finance lease O d. Land held for long-term capital appreciation
An intangible asset may be recorded: Select one: a. . at the cost of the asset, which must exclude any additional expenditure required to prepare the asset for use. b. if it is internally generated and fits the definition of an asset and meets the associated recognition criteria. c. if acquired from an external party at a cost. d. at a value other than cost if that value more reliably records the worth of the intangible asset.
Which statement is correct regarding derecognition of financial assets? A. Transfer of risks and rewards is evaluated by determining the transferee’s ability to sell the asset. B. A sale and repurchase transaction where the repurchase price is a fixed price is a transfer of financial asset that qualifies for derecognition. C. The entity shall continue to recognize the transferred asset in its entirety if the transfer does not qualify for derecognition because the entity has retained substantially all the risks and rewards of ownership of the transferred asset. D. If an entity neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, the entity shall continue to recognize the transferred asset to the extent of its continuing involvement.
Which of the following should be included by the lessee in determining the amount of the right-to-use asset and lease liability: a. Fixed Payments: Yes/Unguaranteed Residual Value: Nob. Fixed Payments: Yes/Unguaranteed Residual Value: Yesc. Fixed Payments: No/Unguaranteed Residual Value: Yesd. Fixed Payments: No/Unguaranteed Residual Value: No

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In a service concession arrangement, the operator recognizes? Correct option a) The infrastructure as its PPE b) Always a financial asset c) Always an intangible asset d) Either a financial asset or an intangible asset