Disclosures on PPE and AASB 116 The objective of AASB 116 is to stipulate the accounting treatment for property, plant and equipment, make user can understand information about an entity’s investment in its property, plant and equipment, and the changes in entity’s investment. The main issue for property, plant and equipment in accounting are the recognition of relationship between assets, the determination of their carrying amounts, the depreciation charges and impairment losses. AASB 116 required the entity disclose it’s information of gross carrying amount, depreciation method, depreciation rate, useful lives of PPE, accumulated depreciation and reconciliation of carrying amount at beginning of the reporting period and at end of the reporting period.
5. Pharma. Co should recognize the dismantling cost for the year ended December 31, 2010 under IFRSs, but should not recognize it under GAAP.
GAAP Codification: Section 360-10-35-17 of the Code states that an impairment loss shall be recognized if the carrying value of a fixed asset is not recoverable and exceeds its fair value. The carrying value of the fixed asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and disposal of the asset. An impairment loss shall be measured by the amount by which the carrying value exceeds the fair value.
* As a result of the business combination, the acquiring company determines their pre-existing deferred tax assets are more-likely-than-not to be realized by the combined entity and the valuation allowance should be reduced or eliminated.
This is my fourth semester attending Lamar Institute of Technology. The thing that seemed to be most difficult was that most students are not offered outside opinions on teachers and the classes offered. It seems like a challenge due to the fact that as students he or she does not know what he or she are getting into.
The authoritative guidance for asset impairment is to ensure that impairment is recorded and dealt with as depreciation. The scope of the standard is writing off of assets and depreciation. According to the guidance of 360-10-35, it address how long-lived assets that are intended to be held and used in an entity’s business shall be reviewed for impairment. The impairment loss can only be recognized if the carrying amount of a long-lived assets is not recoverable and
GASB Article Statement No. 49 Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what
When I first took the test to see what I scored, I was surprised with many of my results.
Gina wakes up at 7 am Monday-Thursday for her Marketing class that begins promptly at 8:30 am. The first thing she checks is her IPhone, to see what her friends have been up to on their spring break. She answers any texts she received throughout the night and finally gets up and begins her day. Gina rides to school in a 2013 Fusion, which she pays for herself, which is why she wasn’t able to go on spring break this year because she needed to put money aside for the car. Even though she didn’t get to go on vacation this year she still loves hearing the updates from her friends, it makes her feel connected in a sense.
Right from the beginning of this course I had a terrible feeling that I was not going to learn what I had to or finish it with a good grade. It all began when I found out that I had to be in contact with an administrator in order
In advising the board on whether this is a financially sound decision; I do not think that this would be a great decision for the community to make, and would risk the district losing several millions of dollars over the next three years. With the five percent increase year one over the current salary schedule, and only a two percent increase in revenue the district would lose $91,123. This is because of the increase in salary, retirement, and social security; mixed with stagnate insurance cost, and only a 2% increase of revenue would equate to the district losing 91,123 in the first year.
I am in receipt of the Court Order in the above referenced matter dated January 26, 2017 appointing me to conduct a forensic evaluation. To date, the evaluation has begun and appointments are ongoing and have been scheduled through the end of July.
Access the "Litigation" section of the SEC's website at www.sec.gov/litigation.shtml. Click on "Accounting and Auditing Enforcement Releases." Click on "AAER-3234" filed January 20, 2011. Read the release and the related SEC Complaint. Summarize the release and complaint in 2-3 pages (12-point, double spaced).
PHC 121 Week 7 Assignment 1. Describe the uses of ANOVA and how is it interpreted? In Analysis of variance (ANOVA) is a group of statistical sample used to resolve the differences between group means and their connected steps like variation between groups. The observed variance in a specific variable is divide into components attributable to various fountain of variation.
This is a good sign towards future operation as the company cleaned up older and ineffective accounts and obligations to boost profits and shareholders’ equity.