Actuarial (Remeasurement) gains and losses are reported as OCI as they occur using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.

Q: Compare and contrast how GAAP depreciation expense vs. MACRS depreciation deductions are computed.

A: GAAP : Generally Accepted Accounting principles. MACRS: Modified Accelerated Cost Recovery System.

Q: Which of the following statements is TRUE? a. The acquirer shall measure the identifiable assets…

A: Answer:- a True Explanation:- The statement is true the acquirer must value the identifiable assets…

Q: Reversing entries maybe used in unearned income when the original 1 point collection is recorded as…

A: Answer In a business unearned income record as a assets instead of a liability.

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the…

A:

Q: how is the acquisition cost of an asset determined when the asset is acquired in exchange for…

A: How is the acquisition cost of an asset determined when the asset is acquired in exchange for…

Q: How should (i) a change in calculating the provision for doubtful accounts, and (ii) change in…

A: The provision for doubtful accounts is accounting estimates that change on a yearly basis. It is…

Q: How is goodwill or gain from bargain purchase computed?  Group of answer choices a. The difference…

A: Solution How is goodwill or gain from bargain purchase computed Correct answer is option d) The…

Q: Briefly explain the differences between U.S. GAAP and IFRS in the measurement of an impairment loss…

A: Under International Financial Reporting Standards (IFRS), the impairment loss is recognized, when an…

Q: Borrowing costs on borrowings obtained for the purpose of acquiring or constructing a qualifying…

A: Following is the answer to the given question

Q: How is property, plant, and equipment measured on the balance sheet under IFRS? How does this differ…

A: Generally Accepted Accounting Principles: The principles which are followed by the management to…

Q: eceivable (net).. ed depreciation-eguipment

A: Statement of Cash Flow statement for year ended Dec.31,20Y3…

Q: Which of the following statements about IFRS and U.S. GAAP accounting and reporting requirements for…

A: Similar features of balance sheet in IFRS and GAAP: GAAP encourages private firms to produce these…

Q: Explain the differences between US GAAP and IFRS in the calculation of a goodwill impairment loss in…

A: Answer: Goodwill is the type of asset that are intangible in nature. It is tested for annual…

Q: How do the impairment test for indefinite-lived intangible assets and definite-lived intangible…

A: Impairment is the permanent reduction in the value of the asset. Circumstances that indicate…

Q: Which of the following assets appears on the balance sheet at fair value? Equipment, Land,…

A: Fair value refers to the actual amount paid in an open market to purchase the assets. Fair value…

Q: If an entity capitalized transaction costs to a financial asset at fair value through profit or…

A: Transaction costs seem to be the costs spent while purchasing or selling a product or service.…

Q: Discuss the appropriate treatment in the income statement for the following items: a.    Loss on…

A: Income statement:   In this statement, the financial records of the company's monetary performance…

Q: What basic principle do U.S. GAAP and IFRS rely upon in recording the initial acquisition value for…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Which of the following statements are correct? I. Borrowing costs incurred in the acquisition,…

A: Answer is Option c) Both I and II

Q: Under PFRS 9, a financial asset shall be measured subsequently at amortized cost when: I. The…

A: Financial Assets shall be subsequently measured at amortized cost, when The Business Model is to…

Q: an impairment of a non current asset held for sale:

A: Impairment means generally calculated as Carrying amount minus recoverable value. Any impairment…

Q: Which is the proper way to report a contingent asset? a. As an asset b. No disclosure and no accrua…

A: As per IAS 37, Provisions, contingent liabilities and contingent assets. A contingent asset arise…

Q: Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c.…

A: Presentation of Financial Statements PAS 1 describes the basis for presenting the general purpose…

Q: How does IFRS differ from current U.S. GAAP with respect to accounting for impairments?

A: When the asset value reduces due to market or technological factors which it turn fall below its…

Q: Briefly explain the difference between U.S. GAAP and IFRS in the measurement of an impairment loss…

A: Impairment loss of assets:   Impairment loss of assets arises when the carrying value of the assets…

Q: ntangible assets can only be measured using the revaluation model if the acquiring entity:

A: The Answer:

Q: The purpose of providing for depreciation in the statement of comprehensive income is to: O a.…

A: Depreciation refers to a decrease in value of asset over its useful life due to factors such as…

Q: Explain the ‘qualifying asset’ and how do we treat exchange rate differences relating to the…

A: A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for…

Q: The types of assets that qualify for interest capitalization are Assets that are ready for their…

A: Interest capitalization means the amount of interest which is added in the cost of asset instead of…

Q: Two intangible assets that might be reported in the Statement of Financial Position are: O a.…

A: intangible assets - intangible assets are the type of fixed assets that cannot be touch, feel and…

Q: requirements of the principle of recognition and A qualifying asset is an asset that meets the an…

A: Asset is the property which the company is having or the property which company owns. Like the plant…

Q: Under the temporal method, retained earnings would be remeasured at:

A: Terminal Method: It is possible to convert the currency of a foreign subsidiary into that of the…

Q: Which of the following term relates to Copyrights, Patents and Trademarks? O a. Investments O b.…

A: Intangible assets are those assets which do not have any physical existence and it's very difficult…

Q: 1. Many of the accounting standards in GAAP for current asset accounts are with the international…

A: GAAP (generally accepted accounting principles) are set of accepted rule, procedures and guidelines…

Q: Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration…

A: solution If the cash paid at the time of acquisition is used to measure an asset, then it is called…

Q: Describe the steps to record non monetary asset exchange.

A: Definition:   Non- monetary exchange: When fund transfers are not involved in the exchange and the…

Q: Reversing entries maybe used in unearned income when the original collection is recorded as a.…

A: Answer When unearned revenues are recorded as liabilities then an unearned revenue account is…

Q: ide a

A: As per the IAS 36 Impairment of asset we need to identify the asset that may be impaired and for…

Q: __________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer…

A: The accounting process includes the bookkeeping process which involves the journal entry of the…

Q: Residual interest in the asset of an entity that remains after deducting its liabilities is? a.…

A: Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Q: Provide an explanation of the circumstances under which assets and liabilities are de-registered.

A: This question deals with the circumstances under which assets and liabilities are de-registered.

Q: Explain the accounting treatment in the event that an impairment review of a non-current asset which…

A: Impairment loss: It is a decrease in carrying amount of the asset since the fair value is declined.…

Q: Under IFRS, income includes increases in economic benefi ts from: B . enhancements of assets not…

A: International Financial Reporting Standards (IFRS):  International Financial Reporting Standards is…

Q: Just briefly describe how impairment losses for goodwill are calculated under U.S. GAAP and IFRS,…

A: The answer

Q: Under IFRS, the recoverable amount of an asset is

A: Introduction:- Impairment loss arise when the amount by which the carrying amount of an asset…

Q: The “excess of the acquirer’s interest in the net fair value of acquiree’s identifiable assets,…

A: The parent entity acquires control in the subsidiary entity by acquiring their net assets in…

Q: Under what circumstances should a loss contingency be accrued?

A: Loss contingency: Loss contingency is contingency where existing situation or circumstances where…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.