Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Chapter C, Problem 6DQ
To determine
Examine the differences between reporting of property, plant, and equipment on the
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Analyze the impact of differences between IFRS and U.S. GAAP in asset recognition and measurement rules on financial statements.
You may focus on Inventories; PPE; Investment Property; Biological Assets; Impairment of Assets; Intangible Assets; Business combination and consolidated financial statements; and Borrowing costs.
Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. intangibles, biological assets, goodwill, non-controlling assets).
Just briefly describe how impairment losses for goodwill are calculated under U.S. GAAP and IFRS, respectively.
Chapter C Solutions
Financial And Managerial Accounting
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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_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
- 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_forwardWhich 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_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_forwardDetermine the impact that specific differences between IFRS and U.S. GAAP have on financial statements, and prepare adjustments to convert IFRS balances to U.S. GAAP.arrow_forwardDefine R&D according to U.S. GAAP.arrow_forward
- Explain 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_forwardWhen fair value is used in measuring assets in the financial statements, current GAAP provides following references as basis of fair value, except Price in active market Price in recent transaction Price taken from industry or sector benchmarks Price based on assessed value of government bodiesarrow_forwardIs property, plant and equipment is classified as non-current assets?arrow_forward
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