Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter AC, Problem 6DQ
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 reporting of property, plant, and equipment on the balance sheet, under IFRS and GAAP
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Discuss the primary differences between U.S. GAAP and IFRS with respect to the acquisition of property, plant, and equipment and intangible assets.
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.
Please explain and analyze the effect of major differences between IFRS and U.S. GAAP related to the financial reporting of a specific category of account (e.g. intangibles, biological assets, goodwill, non-controlling assets).
Chapter AC Solutions
Financial & Managerial Accounting
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- Under IFRS, when a company chooses the revaluation model as its accounting policy for measuring property, plant, and equipment, which of the following statements is correct? a. When an asset is revalued, the entire class of property, plant, and equipment to which the asset belongs must be revalued. b. When an asset is revalued, individual assets within a class of property, plant, and equipment to which that asset belongs can be revalued. c. Revaluations of property, plant, and equipment must be made every three years. d. An increase in an asset’s book value as a result of the first revaluation must be recognized as a component of profit and loss.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_forwardProperty, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets C. tangible assets D. intangible assetsarrow_forward
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The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License