What was the major change in accounting for leases introduced by new accounting standard AASB16/IFRS16? Why was such a ch

Q: write a brief statement as to why accounting standard for leases has been changed to ASSB 16/IFRS 16…

A: According to ASSB 16/ IFRS 16 & ASSB 117 / IAS 17 which states the details of recognition of the…

Q: What was the major change in accounting for leases introduced by new accounting standard AASB 16…

A: Basically lease accounting has two parties in it. (i) Lessee - He use the asset of the lessor by…

Q: Why would a company be interested in disclosing emission allowance when there is no disclosure…

A: The emission allowance basically refers to the right given to the companies to emit out the certain…

Q: When must a company recognize an asset retirementobligation?

A:

Q: The IASB and FASB are collaborating on a joint project to revise accounting standards for leases.…

A:

Q: Lease accounting changes represent a significant paradigm shift in the accounting landscape,…

A: Operating leases are generally off balance sheet items. And hence they will not impact debt portion…

Q: The new revenue recognition standard does not apply to Leases. Insurance contracts. Financial…

A: IFRS 15 - Revenue recognition has the 5 steps principle to recognize revenue: Identification of…

Q: customer can direct the use of the asset. The asset is explicitly or implicitly identified in the…

A: Identified asset:I An asset whose fair value or market value can be calculated at particular given…

Q: How has the regulatory changed over the years (pre-2018 vs. the status quo

A: As we have known, they are regulatory changes over the years. Ten years ago, the ability to be in…

Q: Explain the ‘qualifying asset’ and how do we treat exchange rate differences relating to the…

A: A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for…

Q: Identify and cite the relevant topics, subtopics from the FASB Accounting Standards Codification…

A: FASB: Financial Accounting Standards Board (FASB) is a body that sets the standards or rules…

Q: How does Measurement criteria answer the question of "at what amount should it be recorded?" Explain…

A: In Canadian Generally Accepted Accounting Principles (GAAP), the measurement criteria determine the…

Q: a.Determining the level of provision for warranty

A: "A". Determining the level of  provision for warranty Explanation Manufacturering companies often…

Q: When

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Q: What did the FASB and IASB agree to do in the Norwalk Agreement?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Which of the following factors are considered when analyzing an indistry? I-the nature and…

A: A company should analyse the industry with the help of the following factors: Restrictions of…

Q: Which is a primary source of the PCAOB independence rules? AICPA Frequently Asked Questions:…

A: PCAOB stands for Public Company Accounting Oversight Board. This organisation was set up to oversee…

Q: Jones Supply Services paid $350 cash, the amount owed from the previous month, to a materials…

A: Goods purchase on credit increases the material supplies and also increases the current liability…