International Accounting
5th Edition
ISBN: 9781259747984
Author: Doupnik, Timothy S., Finn, Mark T., Gotti, Giorgio
Publisher: Mcgraw-hill Education,
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Question
Chapter 5, Problem 24Q
To determine
Explain the primary difference between the IFRS (International Financial Reporting System) 16 and new U.S. lease accounting standard, ASC (Accounting Standards Codification) 842.
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Could a finance (capital) lease under IFRS be classified as an operating lease under U.S. GAAP? Explain.
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How has IFRS 16 changed for lessees and lessors in relation to distinguishing between the two types of leases?
Chapter 5 Solutions
International Accounting
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - 3. What is a constructive obligation?
Ch. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - Prob. 6QCh. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - Prob. 10Q
Ch. 5 - 11. What are the rules related to the recognition...Ch. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - What are the five steps that entities take to...Ch. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - Prob. 17QCh. 5 - What is breakage revenue?Ch. 5 - What are the three categories of financial assets...Ch. 5 - Prob. 20QCh. 5 - Prob. 21QCh. 5 - What is the primary difference between how IFRS...Ch. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 25QCh. 5 - Prob. 26QCh. 5 - Prob. 27QCh. 5 - A cement manufacturer has cement plants around the...Ch. 5 - Prob. 29QCh. 5 - How much revenue must be generated by a companys...Ch. 5 - How is a major customer defined?Ch. 5 - 1. Halifax Corporation has a December 31 fiscal...Ch. 5 - 2. Bull Arm Company has the following items at...Ch. 5 - 3. Melbourne Inc. became involved in a tax dispute...Ch. 5 - Prob. 4EPCh. 5 - Prob. 5EPCh. 5 - Prob. 6EPCh. 5 - Prob. 7EPCh. 5 - 8. Sandoval Company operates in a country in which...Ch. 5 - Which of the following is a criterion that must be...Ch. 5 - Prob. 10EPCh. 5 - Siam Financial Corp. (SFC) actively trades bonds...Ch. 5 - A 3 million loan paying annual interest at a 5...Ch. 5 - Monterrey Properties enters into a 3-year lease...Ch. 5 - 10. An entity must adjust its financial statements...Ch. 5 - Prob. 15EPCh. 5 - Prob. 16EPCh. 5 - Prob. 17EPCh. 5 - Prob. 18EPCh. 5 - Prob. 19EPCh. 5 - Prob. 20EPCh. 5 - Prob. 21EPCh. 5 - Prob. 22EPCh. 5 - Prob. 23EPCh. 5 - Prob. 24EPCh. 5 - Prob. 25EPCh. 5 - Prob. 26EPCh. 5 - Prob. 27EPCh. 5 - Prob. 28EPCh. 5 - Prob. 29EPCh. 5 - Prob. 30EPCh. 5 - Prob. 33EPCh. 5 - Prob. 34EPCh. 5 - Prob. 35EPCh. 5 - Prob. 36EPCh. 5 - Prob. 37EPCh. 5 - Prob. 38EPCh. 5 - On January 1, Year 1, Autonomous Systems Ltd....Ch. 5 - Prob. 40EPCh. 5 - Prob. 41EPCh. 5 - Prob. 42EP
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Similar questions
- How do IFRS and U.S. GAAP differ with respect to the classification of debt that is expected to be refinanced?arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to current liabilities and contingencies.arrow_forwardDescribe the primary differences between IFRS and U.S. GAAP in the way leases are classified as either operating or finance (capital) leases.arrow_forward
- Explain the key differences in accounting for leases under IAS 17 and IFRS 16arrow_forwardwrite a brief statement as to why accounting standard for leases has been changed to ASSB 16/IFRS 16 from ASSB 117/IAS 17.arrow_forwardIn Note 4, “Summary of accounting policies,” part 4.14, “Leases,” AF states that“leases are classified as finance leases when the lease arrangement transferssubstantially all the risks and rewards of ownership to the lessee.” Is this the policycompanies using U.S. GAAP follow?arrow_forward
- Differentiate between IFRS vs. U.S. GAAP.arrow_forwardPart 1: New Lease Accounting –IFRS 16 Leases Effect Analysis. Identify differences between IFRS 16 and U.S. GAAP new lease accounting (ASC Topic 842). Based on these differences, discuss which one (IFRS or U.S. GAAP) you favor and why? Discuss three main features of the two transition methods for lessees under ASC 842 and IFRS 16. Which transition method would investors likely prefer? Why? Which transition method may be preferred by companies? Why?arrow_forwardHow would an annual bonus paid at year-end be treated under IAS 34 and how does this treatment differ from what is required under U.S. GAAP?arrow_forward
- Is the threshold for recognizing a provision under IFRS different than it is under U.S.GAAP? Explain.arrow_forwardHow does IFRS differ from current U.S. GAAP with respect to accounting for impairments?arrow_forwardWhat is the primary difference between interim reports under IFRS and U.S. GAAP?arrow_forward
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