Explain what is meant by the impairment of the value of property, plant, and equipment and intangible assets. How should these impairments be accounted for?

Q: When an item of property, plant, and equipment is disposed of, how is gain or loss on disposal…

A: When an item of property, plant and equipment is disposed of, then gain or loss is determined by…

Q: Write the definition, recognition, measurement and derecognition of Impairment of assets.

A: IFRS nine money Instruments gave on twenty four July 2014 is that the IASB's substitution of IAS…

Q: What are factors to be considered in estimating the usefullife of an intangible asset?

A:

Q: Explain the differences between depreciation expense and impairment loss of property, plant and…

A: The difference between Depreciation and impairment is as follows: Depreciation Impairment It is…

Q: Are litigation costs to defend an intangible asset capitalized or expensed? Explain your answer.

A: Litigation Costs should be capitalised and amortised over the remaining useful life of the related…

Q: Explain how asset impairment differs from depreciation, depletion, and amortization. How do…

A: Depreciation,Depletion and amortization records the usage of a fixed asset over a period of time and…

Q: Explain how losses on intangible assets that are impaired should be recorded in income.

A: When the carrying amount of the asset is less than the recoverable Amount it should be provided for…

Q: How should intangible assets and property, plant, and equipment (PP&E) be treated when their service…

A: The Answer

Q: Why do we need to depreciate our property, plant, and equipment? (Discuss also the treatment of…

A: Depreciation can be referred to as loss in the value of a non-current asset which arises due to its…

Q: Depreciation techniques applicable to the most prevalent categories of depreciable assets might be…

A: This question explains about  the most prevalent categories of depreciable assets might be…

Q: Find the FASB ASC reference that explains how to measure an asset's impairment loss.

A: ASC- 360 provides guidance on accounting for the impairment or disposal of long-lived assets. The…

Q: What general procedures are applied in accounting for the acquisition and potential cost allocation…

A:

Q: Discuss the factors that influence the estimation of service life for a depreciable asset.

A: Fixed asset:It refers to the long-term assets having a useful life of more than a year which is,…

Q: what is the definition of Intangible Assets and Goodwill and what are some of the types of…

A: The assets can be classified as fixed assets, current assets and intangible assets.

Q: Differentiate between impairment process that applies to limited- and indefinite-life intangibles,…

A: The distinction between impairment measure that applies to restricted and uncertain life immaterial,…

Q: Identify situations that involve a significant impairment of the value of property,plant, and…

A: An asset is said to be impaired when the recoverable amount of a asset is less than its carrying…

Q: Should the engineers be able to assess the reality of depreciating fixed assets?

A: A company should assess the position of its fixed asset and check for its impairment if condition…

Q: what is the attributes of determining the far value of intangible assets.

A: A non-physical asset is referred to as an intangible asset. Intangible assets contain goodwill, name…

Q: give the definition, recognition, measurement and derecognition of Impairment of assets.

A: impairment of assets Definition An asset is stated "impaired" when its Market value (MV)less than…

Q: Briefly summarize the accounting treatment for intangible assets, explaining the difference between…

A: Intangible assets:

Q: Inventor's life is not considered in determining the useful life of an intangible asset.   TRUE OR…

A: Intangible assets are those assets which does not have any physical existence.  That means…

Q: Why is there a need to properly classify a property whether it is an investment or a property, plant…

A: Before making application treatment on property needs to be classification  It will makes proper…

Q: Describe the derecognition of property, plant, and equipment and intangible assets

A: An asset is something that gives benefits in the future to its owner. There are generally two types…

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: Explain the concept of VALUE IN USE. Why can it be a basis for recoverable amount of an item of…

A: Value in use means the asset’s net worth for the present time. Value in use is used to take decision…

Q: What is depreciation of property, plant and equipment? What are the factors to consider in computing…

A: Depreciation Depreciation is the term which is used for the business to deduct the amount…

Q: Explain impairment procedures and presentation requirements for intangible assets.

A: Intangible assets are the long-term assets that do not have the physical appearance but it has the…

Q: Explain the difference between Tangible and Intangible Assets

A: Introduction: Assets: Any resource which is having monetary value called as Assets. Assets are to be…

Q: What method is used in the Evaluation Phase of intangible assets

A: Corporate finance is referred as the decision of the firm to take capital investments and other…

Q: Provide an explanation of how losses on damaged intangible assets should be recorded in income

A: Intangible Assets are those that cannot be quantified. An intangible asset is a positive name and…

Q: Discuss the characteristics, valuation, and amortization of intangible assets.

A: Intangible assets have two main characteristics: (1) Lack physical existence, and (2) Non-…

Q: What is the cost of the asset being depreciated? What amount, if any, was used in the depreciation…

A: Depreciation :- The monetary value of an asset decreases over time due to use, wear and tear or…

Q: Explain the depreciation process and benefits of property, plant and equipment?

A: Depreciation on Property, Plant, and Equipment: It is considered as the charge against the profit…

Q: why is there a need to re evaluate impairment of assets due to trigger events?

A: The impairment refers to the decrease in the value of assets of the company. This reduction is…

Q: Explain the process of ‘impairment of an asset’ and its definition? Explain how to account for an…

A: Impairment of assets means reducing the cost of assets when carrying amount is more than value in…

Q: Describe the impairment of property, plant, and equipment and intangible assets

A: The impairment loss could be considered with the time when the assets is not considered valuable in…

Q: Compare and contrast US GAAP and IFRS in measuring an impairment loss for property, plant, and…

A: The Answer:

Q: Describe the Costs of Defending Intangible Rights.

A: Introduction Intangible assets are the assets that cannot be seen physically, but its' presence in…

Q: From an economic point of view, which activity is regarded as an undertaking to prevent a loss in…

A: Activities undertaken by a company can be divided in to two types. They are activities involving…

Q: What are the characteristics of an intangible asset?

A: Asset refers to any economic value resource for an individual, corporation or a country. It…

Q: Examine the variables that affect the assessment of a depreciable asset's service life

A: This question tells about the variables that affect the assessment of a depreciable asset's service…

Q: Describe the rationale and procedures for impairment testing for intangible assets other than…

A: Intangible assets:   These are the long-term assets which are not physical in nature, but possess…