Identify any differences between U.S. GAAP and International Financial Reporting Standards in the subsequent valuation of property, plant, and equipment and intangible assets.

Q: When fair value is used in the measurement of assets in the financial statements, current GAAP…

A: Fair value is used in the measurement of assets in the financial statements, Under current GAAP…

Q: IAS 36 considers Accounting for Impairment in relation to Intangible Assets. Is this realistic in…

A: The impairment of the assets means a situation in which the market value of the asset is less as…

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

A:

Q: Discuss the above paragraph within the context of fair value hierarchy focusing on Levell, 2 and 3…

A: IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer…

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: 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: compare and contrast the recording of fixed assets under US GAAP and IFRS How would you determine…

A: GAAP (General Accepted Accounting Principles):-It is a collection of rules and standards prepared…

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: Which of the following groups would be classified as intangible assets for financial accounting and…

A: An intangible asset is an asset that lacks physical substance. Examples are patents, copyright,…

Q: Accounting for plant assets involves cost determination, depreciation, additional expenditures, and…

A: International Financial Reporting Standards (IFRS) They are commonly known as IFRS. It is a set of…

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: 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: 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: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire…

A: C. All of the choices

Q: Discuss the inclusion of the expenses incurred in the initial evaluation and exploration stage of a…

A: Expenses are the expenditure generated during the year in daily course of business to produce the…

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: The purpose of IAS 38 Intangible Assets is to prescribe the recognition and measurement criteria for…

A: According to IAS 38 - Intangible assets the other three options are being classified as an…

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

A: The question is related to Borrowed Cost. Borrowed cost are those cost that are directly…

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: Companies following international accounting standards are permitted to revalue fixed assets above…

A: The question is related to the Ratio Analysis. The return of Assets is calculated with the help of…

Q: Bell International can estimate the amount of loss that will occur if a foreign government…

A: Contingent LiabilityContingent liability is one form of liability that arises based on a particular…

Q: ell International can estimate the amount of loss that will occur if a foreign government…

A: Contingent Liability Contingent liability is one form of liability that arises based on a particular…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the acquisition of…

A: Property, Plant, and Equipment:   Property, plant, and equipment are those assets which are…

Q: The main difference between U.S. accounting standards and international accounting standards when…

A: US GAAP refers to the accounting standards that are endorsed by the Securities and Exchange…

Q: With relevant examples, explain the following. i. International Financial Reporting Standards i.…

A: Accounting Standards are any taking information rules and recommendations established by accounting…

Q: eporting. To determine the application of respective standards, depend on the nature, business model…

A: IAS 16 is the standard which guides in the valuation of non current assets used in business. IAS 40…

Q: In order for an asset to be recognized in the financial statements, which of the following…

A: Asset refers to the kind of resource that could easily be converted into cash and it includes…

Q: Why is it crucial to the integrity of the financial statements that the fixed asset department be…

A: Fixed Asset System:   The asset used by company for more than one year is known as fixed asset.…

Q: Which of the following statements is correct? a.   Both IFRS and GAAP permit revaluation of…

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

Q: Compute the following ratios for Liberty and Kimco. (Round return on assets and asset turnover…

A: Asset turnover ratio is one of the often used financial ratios. The purpose of this ratio is to…

Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire…

A: Lets understand the basics. Risk assessment procedure is performed by the auditor to obtain…

Q: If the criteria are met after the end of reporting period, an undertaking shall: A. Classify a…

A: Following is the answer to the given question

Q: 1) What are the accounting models accepted under IFRS for the measurement of property, plant &…

A:

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to theutilization and…

A: Property, plant, and equipment are those assets which are tangible and long-term assets used in the…

Q: Which of the following disclosures must be included in the notes to the financial statements?

A: In the notes to financial statement, methods used in computing depreciation for all each major class…

Q: FASB recently issued a Proposed Accounting Standard Update on impairment for intangible assets.…

A: Those amendments were in response to concerns expressed by private companies and their stakeholders…

Q: why is it necessary to make, record and disclose asset and liability valuation in relation to…

A: Asset valuation is the process of determining the fair market price of an asset using its book…

Q: Describe how IFRS and U.S. GAAP treat increases in the value of plant assets subsequent to their…

A: Increases in the value of plant assets subsequent to their acquisitions(but before their…

Q: According to IFRS, which accounting policy may an entity apply to measure investment property in…

A: Investment property means any land or building which is neither held for sale nor for the purpose of…

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

A: The answer

Q: If the criteria are met after the end of reporting period, an undertaking shall: A. Classify a…

A: Undertaking normal time period is of 12 months. An undertaking may require to record a financial…

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…

Medicaid

This topic is significant in the professional exams for both undergraduate and graduate courses, especially for: