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Accounting (Text Only)
26th Edition
ISBN: 9781285743615
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 15FSI, Problem 7DQ
To determine
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
To examine: The differences between valuing of property, plant, and equipment under IFRS and GAAP
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Students have asked these similar questions
How is property, plant, and equipment measured on the balance sheet under IFRS? How does
this differ from the way property, plant, and equipment is measured on the balance sheet under
U.S. GAAP?
Discuss the primary differences between U.S. GAAP and IFRS with respect to the acquisition of property, plant, and equipment and intangible assets.
How do the impairment test for indefinite-lived intangible assets and definite-lived intangible assets differ under US GAAP?
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Similar questions
- Discuss the primary differences between U.S. GAAP and IFRS with respect to theutilization and impairment of property, plant, and equipment and intangible assets.arrow_forwardBriefly explain the difference between U.S. GAAP and IFRS in the measurement of an impairment loss for property, plant, and equipment and finite-life intangible assets.arrow_forwardUnder U.S. GAAP, what alternatives do companies have to value their property, plant,and equipment?arrow_forward
- What basic principle do U.S. GAAP and IFRS rely upon in recording the initial acquisition value for nearly all assets?arrow_forwardAccounting for plant assets involves cost determination, depreciation, additional expenditures, and disposals. Is plant asset accounting broadly similar or dissimilar between IFRS and U.S. GAAP? Identify one notable difference between IFRS and U.S. GAAP in accounting for plant assets.arrow_forwardDescribe how IFRS and U.S. GAAP treat increases in the value of plant assets subsequent to their acquisition (but before their disposition).arrow_forward
- How does IFRS differ from current U.S. GAAP with respect to accounting for impairments?arrow_forwardHow might a license for symbolic intellectual property be treated differently under IFRS as compared to U.S. GAAP?arrow_forwardcompare and contrast the recording of fixed assets under US GAAP and IFRS How would you determine the impairment of fixed assets? Provide an appropriate numerical example to support your responsearrow_forward
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