FINANCIAL AND MANAGERIAL ACCOUNTING
13th Edition
ISBN: 9781337816045
Author: WARREN
Publisher: CENGAGE L
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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
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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.
Identify any differences between U.S. GAAP and International Financial Reporting Standards in the subsequent valuation of property, plant, and equipment and intangible assets.
Chapter AC Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
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- Accounting 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_forwardPlease 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).arrow_forwardJust briefly describe how impairment losses for goodwill are calculated under U.S. GAAP and IFRS, respectively.arrow_forward
- One 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_forwardWhat basic principle do U.S. GAAP and IFRS rely upon in recording the initial acquisition value for nearly all assets?arrow_forwardDescribe how IFRS and U.S. GAAP treat increases in the value of plant assets subsequent to their acquisition (but before their disposition).arrow_forward
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