Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
26th Edition
ISBN: 9781305392373
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 15FSI, Problem 7DQ
To determine
International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
To examine: The differences between valuing of property, plant, and equipment under IFRS and GAAP
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How is property, plant, and equipment measured on the balance sheet under IFRS? How does
this differ from the way property, plant, and equipment is measured on the balance sheet under
U.S. GAAP?
Discuss the primary differences between U.S. GAAP and IFRS with respect to the acquisition of property, plant, and equipment and intangible assets.
Discuss the primary differences between U.S. GAAP and IFRS with respect to theutilization and impairment of property, plant, and equipment and intangible assets.
Chapter 15FSI Solutions
Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
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Similar questions
- How do the impairment test for indefinite-lived intangible assets and definite-lived intangible assets differ under US GAAP?arrow_forwardUnder U.S. GAAP, what alternatives do companies have to value their property, plant,and equipment?arrow_forwardOne of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant & equipment subsequent to initial recognition. Read IAS 16 and answer the following questions. Provide a list of the references you have used to search this topic. How should any claim for compensation from third parties for impairment be accounted for? How should the recoverability of the carrying amount of property, plant & equipment be accounted for? How should any revaluation surplus from a revalued asset be treated if the revalued asset is disposed of?arrow_forward
- What basic principle do U.S. GAAP and IFRS rely upon in recording the initial acquisition value for nearly all assets?arrow_forwardAccounting for plant assets involves cost determination, depreciation, additional expenditures, and disposals. Is plant asset accounting broadly similar or dissimilar between IFRS and U.S. GAAP? Identify one notable difference between IFRS and U.S. GAAP in accounting for plant assets.arrow_forwardJust briefly describe how impairment losses for goodwill are calculated under U.S. GAAP and IFRS, respectively.arrow_forward
- Describe how IFRS and U.S. GAAP treat increases in the value of plant assets subsequent to their acquisition (but before their disposition).arrow_forwardOne of the main differences between U.S. GAAP and IAS/IFRS is the measurement of property, plant & equipment subsequent to initial recognition. Read IAS 16 and answer the following questions. Provide a list of the references you have used to search this topic.?1) How should any claim for compensation from third parties for impairment be accounted for?2) How should the recoverability of the carrying amount of property, plant & equipment be accounted for?3) How should any revaluation surplus from a revalued asset be treated if the revalued asset is disposed of?4) What additional disclosures should be made if property, plant & equipment are stated at revalued amounts?5) Explain the effect on the company’s financial statements if a company switches from the historical cost principle to the revaluation model? How should this change be accounted for in the financial statements?arrow_forwardIdentify any differences between U.S. GAAP and International Financial Reporting Standards in the subsequent valuation of property, plant, and equipment and intangible assets.arrow_forward
- 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.arrow_forwardExplain the differences between US GAAP and IFRS in the calculation of a goodwill impairment loss in a concise manner.arrow_forwardEvaluate the recoverability test used in U.S. GAAP.arrow_forward
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