Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.16BE
Element Definitions, U.S. GAAP, IFRS. Identify whether the following elements are elements under U.S. GAAP IFRS, or both, and point-in-time or period-in-time elements.
| Element | U.S. GAAP, IFRS, or Both | Point in Time or Period of Time |
| Investments by owners | _________________ | _________________ |
| Income | _________________ | _________________ |
| Losses | _________________ | _________________ |
| Liabilities | _________________ | _________________ |
| Equity | _________________ | _________________ |
| Comprehensive income | _________________ | _________________ |
| Assets | _________________ | _________________ |
| Gains | _________________ | _________________ |
| Capital maintenance adjustment | _________________ | _________________ |
| Expenses | _________________ | _________________ |
| Distributions to owners | _________________ | _________________ |
| Revenues | _________________ | _________________ |
| Performance | _________________ | _________________ |
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Students have asked these similar questions
q13
According to IFRS, which accounting policy may an entity apply to measure investment property in periods subsequent to initial recognition?
Select one:
a. Fair value model or revaluation model.
b. Cost model or fair value model
c. Fair value model only.
d. Cost model or revaluation model.
• distinguish between IFRS and US GAAP in the classifi cation, measurement, and disclosureof investments in fi nancial assets, investments in associates, joint ventures, business combinations, and special purpose and variable interest entities;
Under IFRS, disclosure for an investment property must include which of the following?
Question 11 options:
a)
For investment properties measured using the fair value model: additions during the period, net gains or losses, and transfers to and from inventories.
b)
For investment properties measured using the fair value model: whether fair values used were based on valuations by an independent valuator, useful lives of properties, and transfers to and from inventories.
c)
For investment properties measured using the cost model: the depreciation method used, the useful lives of the properties, depreciation, and net gains or losses from fair value adjustments.
d)
For investment properties measured using the fair value model: amounts recognized in profit or loss for rental income and direct operating expenses, useful lives of investment properties.
Chapter 2 Solutions
Intermediate Accounting
Ch. 2 - Prob. 2.1QCh. 2 - Prob. 2.2QCh. 2 - Why is a conceptual framework of accounting...Ch. 2 - Prob. 2.4QCh. 2 - Prob. 2.5QCh. 2 - Prob. 2.6QCh. 2 - Prob. 2.7QCh. 2 - When is financial information considered...Ch. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is the recognition principle and when is an...Ch. 2 - What is the revenue recognition principle and when...Ch. 2 - Prob. 2.14QCh. 2 - When are expenses recognized under IFRS?Ch. 2 - How are transactions recorded under accrual...Ch. 2 - Prob. 2.17QCh. 2 - Prob. 2.1BECh. 2 - Objective of Financial Reporting. Explain the...Ch. 2 - Prob. 2.3BECh. 2 - Fundamental and Enhancing Characteristics....Ch. 2 - Prob. 2.5BECh. 2 - Prob. 2.6BECh. 2 - Prob. 2.7BECh. 2 - Fundamental and Enhancing Characteristics....Ch. 2 - Faithful Representation. Match the component of a...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.11BECh. 2 - Capital Maintenance Adjustments, IFRS. Describe...Ch. 2 - Expense Recognition. Discuss the three main...Ch. 2 - Element Definitions. Identify whether the...Ch. 2 - Prob. 2.15BECh. 2 - Element Definitions, U.S. GAAP, IFRS. Identify...Ch. 2 - Prob. 2.17BECh. 2 - Measurement Bases. Match the measurement basis...Ch. 2 - Cash versus Accrual Bases of Accounting. The...Ch. 2 - Assumptions in Financial Reporting. Indicate the...Ch. 2 - Conceptual Framework. Noeleen Auto Mall, Ltd....Ch. 2 - Qualitative Characteristics. Referring to the...Ch. 2 - Prob. 2.3ECh. 2 - Cash versus Accrual Bases of Accounting. Top Notch...
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