ACCOUNTING,CHAP.1-13
26th Edition
ISBN: 9781305088412
Author: WARREN
Publisher: CENGAGE L
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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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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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- 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_forwardUnder U.S. GAAP, what alternatives do companies have to value their property, plant,and equipment?arrow_forwardWhat basic principle do U.S. GAAP and IFRS rely upon in recording the initial acquisition value for nearly all assets?arrow_forward
- Accounting 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_forwardJust briefly describe how impairment losses for goodwill are calculated under U.S. GAAP and IFRS, respectively.arrow_forward
- Do not use chatgptarrow_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
- Long-term operating assets can be reported on the balance sheet at fair value instead of historical cost. Does this statement apply to IFRS and U.S. GAAP? Group of answer choices It does not apply to IFRS and U.S. GAAP. It applies to U.S. GAAP only. It applies to IFRS only. It applies to both IFRS and U.S. GAAP.arrow_forwardWhy should emission allowance be recognised as an intangible asset and measured at fair value?arrow_forwardDefine R&D according to U.S. GAAP.Define R&D according to U.S. GAAP.arrow_forward
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