Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 15.MJ, Problem 7DQ
To determine
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
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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.
How do the impairment test for indefinite-lived intangible assets and definite-lived intangible assets differ under US GAAP?
Chapter 15 Solutions
Financial Accounting
Ch. 15.MJ - Prob. 1DQCh. 15.MJ - What is the difference between classifying an...Ch. 15.MJ - If a functional expense classification is used for...Ch. 15.MJ - Prob. 4DQCh. 15.MJ - What are two main differences in inventory...Ch. 15.MJ - Prob. 6DQCh. 15.MJ - Prob. 7DQCh. 15.MJ - Prob. 8DQCh. 15.MJ - Prob. 9DQCh. 15.MJ - How is treasury stock reported under IFRS? How...
Ch. 15.MJ - IFRS Activity 1
Unilever Group is a global company...Ch. 15.MJ - IFRS Activity 2 The following is a recent...Ch. 15.MJ - Prob. 3IFRSCh. 15 - Why might a business invest cash in temporary...Ch. 15 - What causes a gain or loss on the sale of a bond...Ch. 15 - When is the equity method the appropriate...Ch. 15 - Prob. 4DQCh. 15 - Prob. 5DQCh. 15 - Prob. 6DQCh. 15 - Prob. 7DQCh. 15 - Prob. 8DQCh. 15 - Prob. 9DQCh. 15 - Prob. 10DQCh. 15 - Prob. 1PEACh. 15 - Prob. 1PEBCh. 15 - On February 10, 15,000 shares of Sting Company are...Ch. 15 - Prob. 2PEBCh. 15 - Prob. 3PEACh. 15 - Prob. 3PEBCh. 15 - Prob. 4PEACh. 15 - Prob. 4PEBCh. 15 - Prob. 5PEACh. 15 - On January 1, 2016, Valuation Allowance for...Ch. 15 - Prob. 6PEACh. 15 - Prob. 6PEBCh. 15 - Parilo Company acquired 170,000 of Makofske Co.,...Ch. 15 - Prob. 2ECh. 15 - Prob. 3ECh. 15 - Prob. 4ECh. 15 - Prob. 5ECh. 15 - On March 4, Breen Corporation acquired 7,500...Ch. 15 - Prob. 7ECh. 15 - Prob. 8ECh. 15 - Seamus Industries Inc. buys and sells investments...Ch. 15 - Prob. 10ECh. 15 - Prob. 11ECh. 15 - Prob. 12ECh. 15 - Prob. 13ECh. 15 - JED Capital Inc. makes investments in trading...Ch. 15 - Prob. 15ECh. 15 - Prob. 16ECh. 15 - Prob. 17ECh. 15 - Prob. 18ECh. 15 - Prob. 19ECh. 15 - The investments of Steelers Inc. include a single...Ch. 15 - Prob. 21ECh. 15 - Storm, Inc. purchased the following...Ch. 15 - Prob. 23ECh. 15 - Prob. 24ECh. 15 - Prob. 25ECh. 15 - Prob. 26ECh. 15 - Prob. 27ECh. 15 - Prob. 28ECh. 15 - Prob. 29ECh. 15 - Prob. 1PACh. 15 - Prob. 2PACh. 15 - Prob. 3PACh. 15 - OBrien Industries Inc. is a book publisher. The...Ch. 15 - Prob. 1PBCh. 15 - Prob. 2PBCh. 15 - Prob. 3PBCh. 15 - Prob. 4PBCh. 15 - Selected transactions completed by Equinox...Ch. 15 - On July 16, 1998, Wyatt Corp. purchased 40 acres...Ch. 15 - International Financial Reporting Standard No. 16...Ch. 15 - Prob. 3CPCh. 15 - Berkshire Hathaway, the investment holding company...Ch. 15 - Prob. 5CP
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Similar questions
- Under U.S. GAAP, what alternatives do companies have to value their property, plant,and equipment?arrow_forwardDiscuss the primary differences between U.S. GAAP and IFRS with respect to theutilization and impairment of property, plant, and equipment and intangible assets.arrow_forwardWhat basic principle do U.S. GAAP and IFRS rely upon in recording the initial acquisition value for nearly all assets?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_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_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
- Just briefly describe how impairment losses for goodwill are calculated under U.S. GAAP and IFRS, respectively.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_forwardAnalyze 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_forward
- Identify any differences between U.S. GAAP and International Financial Reporting Standards in the subsequent valuation of property, plant, and equipment and intangible assets.arrow_forwardEvaluate the recoverability test used in U.S. GAAP.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_forward
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