Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter B, Problem 6DQ
To determine
Examine the differences between reporting of property, plant, and equipment on the
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Discuss the primary differences between U.S. GAAP and IFRS with respect to the acquisition of property, plant, and equipment and intangible assets.
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.
Just briefly describe how impairment losses for goodwill are calculated under U.S. GAAP and IFRS, respectively.
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- Briefly 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_forwardWhat basic principle do U.S. GAAP and IFRS rely upon in recording the initial acquisition value for nearly all assets?arrow_forwardHow should any claim for compensation from third parties for impairment be accounted for ?arrow_forward
- Describe how IFRS and U.S. GAAP treat increases in the value of plant assets subsequent to their acquisition (but before their disposition).arrow_forwardDefine R&D according to U.S. GAAP.Define R&D according to U.S. GAAP.arrow_forwardLong-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_forward
- Which of the following is most accurate in describing the measurement of assets and liabilities? a. Fair value should be used as often as possible. b. Assets are marked at historic cost, especially for U.S. GAAP, and liabilities are recorded at present value. c. A number of different methods are allowed for calculating asset and liability values.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_forwardLong-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 both IFRS and U.S. GAAP. It applies to IFRS only.arrow_forward
- Which of the following is true of the like-kind exchange rules under Code Section 1031? They apply to gains and losses. They apply to exchanges of personal use property. They apply to exchanges of US investment realty for foreign investment realty. They apply to exchanges of business personal property.arrow_forwardDefine R&D according to U.S. GAAP.arrow_forwardExplain the ‘qualifying asset’ and how do we treat exchange rate differences relating to the acquisition of qualifying assets? Compare and contrast this with the treatment for assets that are not qualifying assets?Give your answer as per AASB 123arrow_forward
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The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License